Ramsay Engineering says it could look to work further with South Africa’s Industrial Development Corporation (IDC) following this week’s news of a ZAR30m (US$4.2m) loan for technology acquisition.
The privately-owned engineering operation has secured the investment as well as inking a deal to produce 150,000 crossbeams a year for Ford and BMW that were formely made in Germany and Thailand.
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“Should the opportunity arise, we are looking to do more with the IDC,” Ramsay Engineering finance director Angus Anderson told just-auto from South Africa. “That is probably one of the first of its kind for us.
“The IDC is a commercial lender to organisations similar to ourselves but they are able to offer finance to investments that are in line with with some of their strategic objectives. In our case [this] is job creation, skills development and new technology introduction.”
An initial 65 jobs are expected to be created at 500-strong Ramsay Engineering with the possibility of this rising to 100 – “a significant jump,” according to Anderson.
The Pietermaritzburg -headquartered company produces metal, plastic and leatherette automotive components, with metal stamping contributing 60% of sales revenue.
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By GlobalDataOther divisions include plastic injection moulding, automotive trim, component assemblies, automotive accessories, logistics, quality and tool and die.
