British automotive supplier, Ricor Global has acquired the assets of Arlington Automotive North East division using an Invoice Finance facility from HSBC UK.
The deal follows Arlington Automotive North East being placed into administration earlier this year.
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With manufacturing facilities in the UK, Poland and Slovakia and headquartered in Studley, Warwickshire, as well as a tooling facility in China, Ricor employs more than 800 people, specialising in metal stampings and complex assemblies, primarily for the automotive industry.
The new business will trade as Ricor North East from its existing facility in Newton Aycliffe. Ricor has plans to develop the site, potentially creating additional job opportunities for the local Newton Aycliffe community.
The deal builds on the expansion of the Ricor Group, following the acquisition of Walsall Pressings and DRB Engineering in 2019, with the combined Group turnover now exceeding GBP100m (US$130m) per annum.
“We are very pleased to have completed this deal,” said Ricor executive chairman, David Johanson.
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By GlobalData“It enhances our relationship with a number of existing customers and provides the opportunity to grow with new OEM’s and Tier one customers. We are gaining a highly capable and experienced team which will be a great asset to the Ricor Group.”
