Growth Loan Fund's £750k helps company mould new jobs
A Co Down plastics company has secured £750,000 from the Growth Loan Fund to help it grow market share and export destinations.
Clare Plastics in Moira also said it would diversify its products through research and development and had already created 16 jobs with the finance.
Growth Loan Fund finance is provided by Invest NI and the Northern Ireland Local Government Officers' Superannuation Committee (NILGOSC).Clarehill Plastics Ltd has been in business for 34 years, manufacturing and supplying tanks under the Harlequin brand, and now employs 76 staff.
Managing director Laurance Coey said: "The domestic heating and diesel dispensing markets have provided us with a strong sales base for the past 34 years. For the company to grow we believe we must improve our distribution network as well as adding new products to our existing range.
"The loan has enabled us to look at opportunities for export and develop products in markets we don't already have a foothold in. We have recently just installed what we believe is the largest rotational moulding machine of its kind in the UK which will help us create large volume plastic tanks and other new product designs being considered."
He said the firm would continue to develop its product lines, and would look to new markets such as water storage, agri products and storage, and heat recovery systems. "As the company grows we will be looking to take on even more staff."
David McCurley, senior investment manager at WhiteRock Capital Partners, which administers the fund, said Clare Plastics had shown "significant managerial experience and industry expertise".