Machinery News

Cash strapped Gloucester gets capital
Private equity firm Blue Wolf Capital Management will provide credit facilities to US-based extrusion machinery supplier Gloucester Engineering to fund its working capital requirements.

The infusion of capital will fund Gloucester’s near-term capital requirements and allow the company to return to its daily business of taking and fulfilling orders and servicing its customers.  Additional financial details were not disclosed.

Early this year, Gloucester was almost forced to close its operations due to a demand order from its suppliers who had not been paid for supplies.

Blue Wolf says that Gloucester has more than 1,200 pieces of equipment in the field and is a leading provider of capital equipment for the plastics extrusion and converting industry. “Its industry is strong and growing and we believe that this funding will allow Gloucester to resume its leadership position and take advantage of improving economic conditions,” it said in the statement.

Gloucester manufactures its equipment from its headquarters in Gloucester, US, and through its joint-venture company in Damman, India, Kabra Gloucester Engineering.