What's Happening?
Vanguard Foundry, a manufacturer of iron and stainless-steel castings based in Stourbridge, has secured a £310,000 funding package from Lloyds' Clean Growth Financing Initiative. This investment is aimed at purchasing new machinery to increase production
capacity by 25%, improve quality, and reduce waste. The funding follows the acquisition of the company by Paul Kendrick and Karl Hopkins in October 2022. The new machinery is expected to boost overall output by up to 20% and reduce internal scrap rates from 5% to 3%, contributing to sustainability by lowering waste material and energy use. This investment builds on previous improvements worth over £1.5 million, focusing on upgrading machinery, reorganizing factory layouts, and enhancing planning systems.
Why It's Important?
The funding and subsequent improvements at Vanguard Foundry are significant for the manufacturing industry, particularly in the sectors of power generation and heavy commercial vehicles. By increasing production capacity and reducing waste, Vanguard Foundry is positioning itself to meet the growing demands of global original equipment manufacturing customers. The investment also supports the company's digitalization strategy, which includes upgrading its ERP system and data infrastructure for better process optimization. This move is expected to enhance the company's competitiveness and sustainability, aligning with broader industry trends towards efficiency and environmental responsibility.
What's Next?
Vanguard Foundry plans to continue its growth journey by leveraging the new machinery to meet increasing customer demands. The company is also focused on modernizing its operations and positioning itself for long-term sustainable growth. The support from Lloyds is expected to facilitate further advancements in digitalization and process optimization, helping Vanguard Foundry maintain its commitment to innovation and sustainability.
