The secured funding is the first step in a £100 million plus, multi-year, capital investment program as the group pursues long-term growth opportunities across its 11 manufacturing facilities, located in the UK, USA and Germany.
“2020 was a challenging year for the customers we serve. As they evaluate their supply chains, we are positioning the Doncasters group to be a key partner by investing in new equipment and technologies in order to support our customers in their recovery ramp, post Covid-19,” said Mike Quinn, Doncasters Group CEO. “The investments we are making will enhance Doncasters capability across our businesses and cement our position as a supplier-of-choice for the increasingly complex and unique products that our customers require.”
Dirkson Charles, chairman of the Board of Doncasters, added: “Working closely with new and existing customers, we have identified significant growth opportunities across the group’s businesses. The growth capital raise was significantly oversubscribed, and was supported by nearly 100% of existing shareholders and management. The level of participation clearly demonstrates the confidence and support we have from our shareholder base as we embark on this investment program in support of our multi-year growth strategy.”
