OEM supply chains unlock growth
With support from the Manufacturing Growth Fund, STM Power Transmissions are now looking to take on a new member of staff. Based in Winsford, STM Power Transmissions Ltd is a leading provider of Industrial Gearboxes, Geared Motors and Electric Motors.
After experiencing strong, sustainable growth through a servitization model, STM wanted to implement a diversification strategy for supporting new product offers. Director Andrew Raslton, knew that accessing the major OEMS and high-end supply chains would be essential for the business to grow. Expanding into these supply chains required a robust and targeted marketing strategy, however the cost to bring in this external expertise was prohibitive.
Andrew called on support from the Manufacturing Growth Fund, a grant funding programme aimed at increasing the productivity of small and mediumsized manufacturing enterprises in the North West of England. Andrew met with Phil Anders, a specialist manufacturing adviser in the Warrington and Cheshire region and, together, they developed a consultancy project to bring in the expertise that STM required, with 30% of the cost funded by the Manufacturing Growth Fund.
Andrew says “The support the Manufacturing Growth Fund provided was really helpful. Even with the Fund’s grant support, the strategic sales and marketing project was going to be a big investment for us. Phil reassured me that it was the right decision when we analysed the new markets it would open up and jobs it would create across the business.”
For further guidance or specific questions about the criteria, please call 0161 359 3050 and we’ll be happy to discuss your businesses eligibility for the Fund.