Car parts maker Strip Tinning raises £8m via AIM float – Business Live
A manufacturer has raised £8 million in new capital after floating on the AIM stock exchange.
Trading has begun today in shares of Strip Tinning which makes automotive connectors for use in items such as windscreens and heating systems, supplying to BMW, Ford and Jaguar Land Rover among others.
The company, which has been based on Arden Business Park in Rubery since 2006, said the initial public offering (IPO) had valued it at £28 million.
It said it planned to use the flotation as a springboard to make further inroads into the electric vehicle market after it opened a new 7,690 sq ft plant at its Rubery site last summer in order to manufacture products for that sector.
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It is also expecting to hire more staff as a result of the IPO which has attracted institutional investors including River & Mercantile, Amati, Canaccord Genuity and Octopus Investments.
Strip Tinning was founded in 1957 by Cecil Barton in London before relocating to Birmingham in 1993. It is now led by his son and chief executive Richard and employs 130 staff.
He said: “Today’s admission to AIM is a significant landmark for Strip Tinning and a special day in the company’s evolution.
“The business continues to go from strength to strength and has come a long way since being founded, plating wires and coils for general engineering applications. We are very proud of our heritage and will continue to build our workforce locally.
“We are now a leading supplier of specialist connectors to the automotive sector, having established long-term customer relationships with some of the automotive industry’s most familiar names.
“Today’s admission provides us with the resources to further enhance our capabilities and continue on our exciting journey.”