Cobra sitting pretty after administration
1 min read
Automotive trim specialist Cobra Automotive Engineering, which was bought out of administration just nine months ago, says it is pitching its 'mass reduction' techniques to "a number of tier 1s and OEMs" to feed their need for lighter weight vehicles.
Since the buy out of administration by specialist investors Pemberton Capital, the Wrexham-based manufacturer has appointed industrialist Bob Woods (pictured, second from right with Cobra colleagues) as managing director and focused on developing strategic partnerships with existing and new customers.
"Cobra has always been at the forefront of design, new technologies and processes, and had built up an enviable client base of leading tier 1 and car manufacturers," said Woods, who held senior positions with Johnson Controls and Unipart.
"It invested heavily in new state-of-the-art automation following the promise of a major increase in volumes that, unfortunately, never materialised. This meant the company ran out of cash and couldn't refinance in time to fulfill orders.
"Since the change in ownership we have successfully met all of the production schedules for our clients, giving them confidence we can deliver what we promise. We have already started to look at new opportunities, most of which involve us using our solutions for taking weight out of vehicles."
Cobra's current customers include General Motors, producing load floor assembly for the Astra Station Wagon, load cover for the Chevrolet Trailblazer &Spin, and front grille assembly for the Mini at Cowley.
It has annual sales of £7m, with nearly 50%of this figure being exported into plants in Brazil, Canada, Germany, Spain and Thailand.
Cobra now says it has a healthy order book, employs a skilled 76-strong workforce and has invested in plant and machinery at its 70,000 sq ft facility.
