Around 100 jobs have been saved at a Midland plastic injection moulded component maker after Birmingham-based Eurofactor stepped in with Ј1 million in funding at Plastic Technologies (PTL), Smethwick when its current funder pulled out of a factoring arrangement.
The new package has helped PTL complete a merger with another injection moulder, Paignton-based Excel Technical Mouldings, a deal masterminded by Black Country solicitor George Green.
The merger of the two businesses was considered crucial to the future prospects of both companies.
Gerry Donnelly, Eurofactor divisional managing director, said: “There is no denying that PTL has been a hugely under-performing business and the withdrawal of its funding would have been a threat not only to the merger with Excel but also could have quickly led to the firm’s demise.
