Future of city firm secured through multi-million pound refinancing deal
A HI-TECH Swansea firm has secured a £4.5 million pound refinancing deal.
Pure Wafer is a major employer in the city and provides work for around 127 people at its premises in the city close to Swansea Vale.
Its latest finance deal has been led by HSBC and completes the restructure of the balance sheet of the business supporting its growth plans.
Pure Wafer works with many of the world's leading manufacturers and provides key components of integrated circuits such as those used to power computers, mobile phones and host of other electronic devices.
The refinancing follows a successful share placing in November 2012 which saw the business raise £4.49 million to restructure its balance sheet and consolidate the number of banks it works with.
Pure Wafer recently reported it had seen increasing and sustained global growth and demand for its services and particularly from Asia and the US.
The latest banking facilities give it the capability to take advantage of this growth.
Pure Wafer chief executive Peter Harrington said: "The refinance with HSBC completes our balance sheet restructure programme and provides us with a sound footing on which to build growth. "We are experiencing strong demand for our products, particularly from Asia and the US, and we need to be in a robust financial position to be able to take advantage of that."
He added: "We are an international company and we require an international bank to support our business.
"Given its overseas reach, HSBC is the logical choice.
"Not only do we operate a facility in the US, the majority of our customer base is international."
Warren Lewis, HSBC's head of corporate banking in Wales, said: "Pure Wafer has a high calibre management team, who have continued to develop the company's strong position in its markets.
"The refinance provides the business with a flexible support package for their working capital, and simplifies significantly their global banking requirements.
"We look forward to working with Pure Wafer over the years to come."
Pure Wafer launched its plant in Swansea in January 2001 and invested £34 million in its city site.