Salford-headquartered tech firm Luxfer Group signs $150m funding deal

Materials technology firm Luxfer Group has signed a multi-million pound refinance package with a group of banks to support its growth plans.

The Salford-headquartered company secured the $150m (£117m) funding in a deal coordinated by Lloyds Bank that included HSBC, Royal Bank of Scotland, Citibank and Yorkshire Bank.

Luxfer Group, which designs and manufactures high-tech products such as advanced materials and high-pressure gas cylinders, is listed on the New York Stock Exchange and employs over 1,700 people globally.

The firm operates through manufacturing facilities across the UK, France, Czech Republic, US, Canada, China and India, working with customers primarily in the healthcare, environmental, protection, aerospace and automotive sectors.

In its financial report from Q2, Luxfer recorded a $10m trading profit against a turnover of $106m.

Andy Beaden, group finance director of Luxfer Group, said: “We’re a world leader in the specialist markets in which we operate, and our products are used in nearly every country across the globe.

“To maintain our position in the market and continue to produce innovative products that are exactly suited to our customer’s needs, we recognised the need to continually invest in the company.”

He continued: “The banking syndicate worked closely with our team to really understand our business and our strategic goals and was able to provide a finance package that will help us to deliver these.”

Law firm Addleshaw Goddard provided the banking syndicate with legal advice on the nine-figure deal.

Luxfer was represented by Fried, Frank, Harris, Shriver & Jacobson.