Washington manufacturer MICC to target export growth with £1.65m funding package

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A cable manufacturer has secured a £1.65m funding package to help support its export growth plans.

Mineral Insulated Cable Company, in Washington, is one of just 10 global companies to manufacturer the durable, mineral insulated cable which can operating for long periods at extremely high temperatures, during fires, and in the harshest chemical environments.

The company, which was set up 20 years ago, sells the cable, which is the only one of its kind which can survive fires and withstand temperatures of more than 1,000C, to customers in the UK, Europe, North America, Japan and China.

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Santander UK has supported its growth aspirations with a £1.65m international working capital facility, which will help it to increase the volume of product it exports, as well as the number of countries to which it exports.

Its products are used in industries where durability is essential, including the nuclear, oil and gas, petrochemical, automotive, construction and power generation sectors.

And Michael Fitzpatrick, MICC general manager and director, said the firm is looking to grow its exports to the power generation sector, in particular solar power, in which the market is currently dominated by Spanish and Chinese companies.

Mr Fitzpatrick said: “The tailored international support and funding from Santander UK provides us with a high level of export concentration, which is fundamental to our continued international expansion into new markets.

“With Santander UK’s support, we are now looking forward to progressing our exciting growth plans.”

Laura Moorhouse, relationship director at Santander UK, said: “As the world’s largest manufacturer of the most durable cable ever made, MICC exemplifies the innovation, cutting edge technology and skill of companies in the North-East of England.

“We are pleased to support MICC with the funding and international expertise it needs to achieve its aspiration of growing the volume and breadth of its overseas exports.”