Manufacturer of world’s most durable cable ties up export expansion plans following funding from Santander UK
Mineral Insulated Cable Company (MICC), based in Washington, Tyne and Wear, is a global manufacturer of mineral insulated cable – the most durable cable to ever be made. It is one of just ten companies globally to manufacture the product.
Mineral insulated cable is capable of operating for long periods at extremely high temperatures, during fires, and in the harshest chemical environments. It is a critical component in essential wiring circuits and is used in many high temperature manufacturing processes, where heat would otherwise cause damage to plastic sheathed control and power cables. It is the only fire-survivable cable on the market, offering three-hour escape time and can withstand temperatures of more than 1000 degrees Celsius.
Most of MICC’s customers are in the UK, EU, North America, Japan and China, and it plans to ramp up its overseas exports further. Santander UK has supported its growth aspirations with a £1.65m international working capital facility. The funding will enable MICC to increase the volume of product it exports overseas and the number of countries it exports to. One area of focus is growing its exports to the power generation sector – concentrated solar power in particular – as the market is currently predominantly supplied by Spanish and Chinese companies.
Michael Fitzpatrick, MICC General Manager and Director, commented: “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.”