Bank backs UK aerospace firm's China expansion

The company said the finance package had allowed it to fund the growth of its site in China. Stephen King, chief financial officer for Avingtrans, said the investment in China marked the start of another period of growth for the company, allowing it to further develop its global capability for aerospace customers. Sigma was already winning new contracts and strengthening its order book, which was having a knock-on positive effect on the company's UK business, he added. The Sigma business, which forms a major part of the Avingtrans aerospace division, currently employs around 110 people at its China factory site and almost 150 at its Hinckley site in the UK. Looking to the future, the company said it would continue expanding its international footprint into key aerospace manufacturing hubs across the globe. HSBC's Ian Stitt, deputy head of corporate banking for the Midlands, said: "HSBC has a long-term relationship with Avingtrans and has been involved in the strategic planning of this particular expansion from the outset... The ambitious plans of Avingtrans's management team demonstrate that a well thought-out and executed business plan can create opportunities for business growth, even in a challenging economic climate. We look forward to working with Avingtrans as they realise future growth plans."