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Forging ahead with deal
Independent Forgings and Alloys has secured a new funding deal with Barclays to support the Sheffield company's continued growth.
The firm has invested 16 million since it was formed as a result of a management buy in involving some of the Doncasters group's Penistone Road operations in 2001.
IFA chairman and chief executive, Martin Burnham, said: "The refinancing package extends our long standing partnership with Barclays and will assist investment in current programmes to optimise furnace capabilities, manufacturing control systems and design equipment such as CAD (Computer Aided Design) and FEA (Finite Element Analysis), and facilitate future major capital requirements."
Barclays relationship director in South Yorkshire, Matthew Chenery, said: "This was an ideal opportunity for us to support a growing business to achieve their aspirations in the current climate.
"Barclays is committed to helping businesses in all sectors and we wish Martin and his team every success in the company's future development."
IFA makes specialised forgings for the aerospace, oil and gas and the energy and power sectors.
The company lays claim to being the world's biggest blacksmith and last year completed a 5 million investment programme, which included installing what was, at the time, described as the biggest single axis ring mill in the UK and associated furnaces.
The investment in the 330 tonne ring mill, built to the firm's specifications, more than doubled the diameter of the rings IFA could produce, freed up capacity to make smaller rings on its 60 and 10 tonne ring mills and boosted its capacity to roll rings for the aerospace, power generation and oil and gas sectors.
It also gives IFA the ability to make components that are near net shape, which means they need minimal machining to reach their finished size.
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