SCOTTISH DEVELOPERS SECURES SCANDINAVIAN CONTRACT
Arbroath based AGR Automation, which designs, develops and manufactures bespoke advanced technology automation solutions, has secured a new multi-million pound Scandinavian contract to design and build a new assembly line, with support from Bank of Scotland.
The firm has been delivering automation solutions since its inception in 1970. They have world-leading expertise in complex and challenging automation assembly solutions and is also a specialist in delivering robotic solutions and integrated vision systems. The business’ offering includes automated assembly and packaging systems, feeding and orientation systems and automated test and inspection systems.
AGR which employs 130 people of which 87 are in Scotland, has an annual turnover of £15m and has worked with a number of leading medical device and personal care brands across 37 different countries.
The firm recently secured a new contract with a Scandinavian medical manufacturer, to design and build a new assembly line. To facilitate this partnership, Bank of Scotland supported AGR Automation with a multi-million-pound performance bond facility underwritten by the UK Export Finance Scheme (UKEF).
The UKEF scheme offers UK-based exporters flexible government-backed support to access a range of trade finance and risk management solutions, including Trade Loans, Letters of Credit, Bonds and Guarantees.
The issuance of the bond was a key requirement to securing the new contract and showcased AGR Automation’s capability to continue to deliver outstanding projects for clients across the world.
Derek Gaston, Managing Director at AGR Automation, said: “AGR Automation has a long history of delivering specialist automation solutions to firms across the world and we’re excited to grow our reputation further with the new contract in Scandinavia.”
On this particular project, Bank of Scotland’s proactive support was invaluable. After securing the bond we’ve been able to finalise the contract and work has already commenced.”
Grant McBay, Relationship Director at Bank of Scotland, said: “Scotland is home to a long list of firms with a global presence, and AGR Automation is one such business that has developed a first-class reputation across the world.”
The UKEF scheme is a fantastic tool to help firms that may not have access to conventional lending in the SME space, to export and grow internationally. The structure provided for AGR replicates an approach we have taken for a number of similar clients who have the opportunity and ambition to grow and needed access to additional financial support to do so.”
He added: “It’s been great to see the project already commence, and we will remain by the side of AGR Automation and other firms across Scotland as they look to grow internationally.”
