Leicester-headquartered manufacturer Nylacast has unveiled plans to launch a new facility in China on the back of strong demand from the country.
The move by the two-time Made in the Midlands award winner has been backed with a multimillion-pound package from Santander Corporate & Commercial.
Nylacast makes plastic components for the food, packaging, pharmaceutical, construction and offshore oil and gas markets and has an annual turnover of £29m.
It currently has facilities in Leicester, the US and South Africa and counts JCB, Ford, Mercedes, BP and Shell among its clients.
Due to a surge in demand from automotive customers in China, the company will launch a factory in Changshu using the £12m package from Santander.
The plant will create 60 jobs in China during its first year, with further growth forecast by 2020. An expansion into new markets is also set to create an additional 30 roles at Nylacast in the UK.
Mussa Mahomed, chief executive of Nylacast, said: “Santander has a niche understanding of the manufacturing sector which provided us with an affinity and understanding about how to drive the business forward.
"The new factory in China creates a route to market whereby we can cater for our increasing demand as well as anticipate opportunities in other sectors."
Simon Clewlow, associate director at Santander Structured Finance, added: "This was a complex, cross border transaction which required us to work closely with the Nylacast management team over an extended period of time to structure a tailored funding solution.
"Nylacast has developed into a leading brand in its sector thanks to the long-term foresight of the management team. The firm is clearly poised for further growth and we are delighted that Santander has been able to support the business at this key time."
Nylacast scooped the Apprenticeship and Training Award for the second consecutive year at last May's Made in the Midlands Awards.