£360k investment for Lincoln laser cutting firm

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Lincoln-based laser machinist of precision components, Micrometric, has received a £360,000 asset finance package from HSBC UK to invest in the purchase of a specialised laser cutting machine to meet demand from the automotive sector.

The HSBC UK funding has enabled Micrometric to purchase a state-of-the-art tube laser cutting system, allowing the firm to execute extremely precise laser cutting operations, producing particularly intricate parts.

The new machine – a Rofin StarCut – is accurate to within a quarter of a hair’s width. It is typically used for the creation of medical implants, such as stents, but allows Micrometric to reduce numerous mechanical machining functions into a single laser operation.

Having been approached by a large automotive manufacturer to produce a part that required this level of accuracy, Micrometric was able to identify wider opportunities that made the investment viable.

Being one of only three firms in the UK with this specialist equipment, the new machine is estimated to increase company turnover by around 25%.

Micrometric is a long-standing business that has enjoyed success over more than three decades in the industry. Founded in 1982 the business moved to its site in Lincoln in 1994. The firm provides specialised parts for companies across industrial Britain, Europe and America.

Neil Main, Managing Director at Micrometric, said: “With a quarter of our business already coming from the automotive sector, we’ve seen increased demand for more intricate parts in this industry.

“The Rofin StarCut machine will allow us to meet this demand and continue to grow our relationships with car manufacturers.

“This investment allows us to enter the next phase of our business cycle as we increase our output and provide even more intricate and specific parts for a wide range of businesses and industrial sectors.”

Paul Armstrong, HSBC UK’s Area Director for Business Banking in the East Midlands, said: “We’re thrilled to be able to support Micrometric with the necessary funding to pursue new opportunities in the market and develop their production capacities.”