30th September - Livingston-based memsstar Ltd, Europe’s premier semiconductor equipment remanufacturer and services provider, is to target further export-led growth following a significant funding deal with Santander Corporate & Commercial supported by a guarantee from UK Export Finance.
Established in 2003, memsstar has grown into a major technology firm: a leading process and equipment supplier of etch and deposition solutions for semiconductor, micro-electromechanical systems (MEMS) and related technology manufacturing processes. The firm is actively involved in all aspects of the MEMS industry and its development, including corporate membership of the MEMS Industry Group. It is also closely involved with representing SMEs in a range of European funding programmes.
A true UK manufacturing and export success story, memsstar already exports around 90% of its products overseas and is looking to capitalise on this momentum in key markets such as Europe, the US and Asia, amongst others. The business currently has an annual turnover of circa £8 million but is targeting to grow this to £13 million over the next two years.
Keith Rutter, Finance Director, memsstar Ltd, said: “We are pleased to have entered into this trade finance facility with Santander Corporate & Commercial. This is an important facility for memsstar which will provide the company with a source of working capital to enable the ongoing development of our customer base and ensure that we remain competitive for our existing customers.”
Gina Cleife, Relationship Director, Santander Corporate & Commercial, said: “We are delighted to be able to support a high-calibre firm such as memsstar. The company has clear ambitions to work with high volume manufacturers and other clients across the globe and Santander, using its extensive experience of international trade and our global network, will diligently support and help the firm meet this aspiration.”
Jonathan Leonard, Senior Export Finance Adviser at UK Export Finance, said: “This is a great example of how a government guarantee can work alongside a trade specialist bank to help a leading, innovative UK firm. We are proud to help hundreds of SMEs like memsstar realise their ambitions for international expansion, working to help them access the export finance they need to grow.”
The information contained in this press release is intended solely for journalists and should not be used by consumers to make financial decisions.
Notes to editors
For memsstar Ltd media enquiries
Keith Rutter ― 01506 243203/ email@example.com
For more information on memsstar Ltd, please see www.memsstar.com.
For UK Export Finance media enquiries
Dan Jellinek ― 020 7271 8064/ mobile: 07580 586910
For Santander media enquiries
Bijal Tanna 020 7756 4189 Mobile: 07860 259 217
Andy Smith 020 7756 4212 Mobile: 07824 473 338
The press office operates from 8.00am to 6.00pm. Outside of these hours please call 0800 5877708.
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