First tranche of money from Finance Yorkshire, £65,000, will go towards total refurbishment of three Hesta B51 blow-moulding machines for producing squared or rounded telescopic packaging.
Managing director William Beckett told Packaging News: "The machines are no longer made by Hesta but are the most versatile for what we do, enabling us to mould packaging for cutting tools. "The cost of an equivalent machine is €180,000 (£150,000) and it would not be as good for us as a Hesta. Each one will cost £45,000 to strip and refurbish, all three costing less than a new machine."
William Beckett Plastics, based in Sheffield, was set up 40 years ago and makes packaging from 8mm to 105mm diameters or widths, 80% of which go to China, USA or Australia.
The business has a small six-staff operation in Illinois, with the remaining 49 employees in south Yorkshire. Turnover is £3.5m, with the North American market accounting for half.
Beckett said: "We will effectively have three new machines 25% more efficient than they were. Funding for this type of refurb is not readily available – Finance Yorkshire came to our rescue."
Finance Yorkshire investment manager Ian Howson said: "William Beckett is a long-established, successful company with an excellent export pedigree. Being more efficient through the refurbishment of its machines will enable it to take advantage of new market opportunities and improve its competitive edge."
Finance Yorkshire was developed as an EU initiative capitalised by grants from the UK government and European Regional Development Fund to offer seedcorn, loan and equity-linked investments.