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.

“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.

Other divisions include plastic injection moulding, automotive trim, component assemblies, automotive accessories, logistics, quality and tool and die.