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Reading-based automotive components’ maker to create new jobs following loan


A Reading-based manufacturer of components for global names including Jaguar Land Rover, Ford and Daimler is set to create 12 new jobs and secure a further 56 after managing to obtain a £1m loan required for fulfilling a Jaguar contract, a recent news report in the local media was able to reveal.

 
Magal Engineering required the funding, supplied by Finance Birmingham, in order to purchase and install a suite of tools needed to make the components for Jaguar Land Rover engines. The cost of the tools will be reimbursed by Jaguar Land Rover once full production begins.
 
Magal chief executive Gamil Magal said: "Magal’s ability to supply components to Jaguar relied on our ability to acquire new tools and take on more staff.
 
"Finance Birmingham’s loan will enable us to deliver this contract efficiently and on time. This is a new step forward for Magal, which will help us to realise our future as an integral part of the UK’s growing automotive sector."
 
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