The board of directors at the Sheffield engineering specialist has welcomed a recent statement from the Secretary of State for Business, Innovation and Skills, Vince Cable, which pledges to support the company following the cancellation of an £80m government loan.
Sheffield Forgemasters International Limited has taken on a new batch of apprentices to bring the total number employed to its highest level in the 200-year-old company’s history.
Last week the Board of Sheffield Forgemasters met senior Government officials together with advisors from the financial sector, to consider options to finance the 15,000 tonne press project after the withdrawal of an £80 million loan that had been conditionally offered by the previous Government. The meeting considered what alternative funding sources might be available to fill the gap after strenuous efforts by all concerned.
A Sheffield Forgemasters apprentice defeated a host of challengers from across the country to take an accolade in a prestigious nationwide competition.
Sheffield Forgemasters has become a member of the British Hydropower Association to develop its significant involvement in manufacture for a global hydropower market.
Graham Honeyman, chief executive at Sheffield Forgemasters, said: "Sheffield Forgemasters' board of directors have met to further consider the announcement by the new coalition Government to cancel an £80 million loan offered by the last Government."This company continues to trade profitably and remains unaffected by the Government's decision on an operational level.
A unique £30m knowledge transfer package between UK-based Sheffield Forgemasters and India’s largest power equipment maker, Bharat Heavy Electricals Limited (BHEL), has been agreed in a landmark deal.
Sheffield Forgemasters International will continue to develop its significant involvement into civil nuclear, thermal and hydro power generation markets and seek other ways to develop the business having recieved confirmation that the Government will not honour an £80m loan for a new 15,000 tonne press.
Richard Lambert, the director-general of the CBI, visited Sheffield Forgemasters to see progress on a £23m manufacturing expansion programme which will enable the company to capitalise on growing global order books.
Sheffield Forgemasters is supporting Robin Hood Airport after pledging to ‘fly local’.
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