With NAB’s assistance, an Australian family-owned advanced manufacturing company has secured $15 million in funding from the Australian Business Growth Fund (ABGF).
Derwent Industries Group – a metal manufacturer and distributer – received investment from the ABGF to further develop the technological capabilities of its world-class manufacturing sites across Tasmania, Victoria and New Zealand.
Founded in 1963 in Wangaratta, Victoria, Derwent Industries Group, is one of the country’s few fitting and casting manufacturers of scale which can quickly supply local industries and businesses involved in critical water, mining, rail and defence projects.
The new ABGF investment will support the company’s investment in market-leading robotics, automation equipment and sustainability measures, which will allow it to increase its manufacturing workforce by an estimated 18% over the next three years.
Chief Executive Officer of Derwent Industries Group, Craig Evans, said the organisation was pleased with the new financial backing provided by the ABGF, as it will allow the company to continue to both compete globally and grow its local manufacturing potential.
“The current volatile economic landscape has increased demand for quality local manufacturers that can provide a secure supply chain at a globally competitive price. Local contractors minimise risk and time delays in major infrastructure projects by working with us,” Mr Evans said.
“We are delighted ABGF has chosen to support us and we look forward to continuing to deliver stability, timeliness and reliability for Australian industry and to furthering our expansion plans.”
NAB Group Executive for Business and Private Banking, Andrew Irvine, said NAB – through the ABGF – was proud to get behind another ambitious Australian business eager to invest in innovation, grow its capabilities and better service its customers.
“As Australia’s largest business bank, NAB is firmly committed to supporting our small and medium sized businesses develop and expand,” Mr Irvine said.
“The Australian Business Growth Fund is an excellent model through which businesses – such as Derwent Industries Group – can access additional capital investment to assist with their long-term expansion and success.
“As local manufacturing continues to increase its capabilities and efficiencies post pandemic, there is no doubt Derwent Industries will be a key player in the industry’s transformation. We’re excited to be working alongside the team as they strive to take their business to the next level.”
Chief Executive Officer of ABGF, Anthony Healy, said its investment in Derwent Industries Group – the first of 2023 – was driven by the company’s commitment and passion to evolving the Australian manufacturing industry.
“We’re excited to support Derwent Industries Group. ABGF’s investment will increase Derwent Industries’ manufacturing capacity and product range through further investment in people, equipment and automation.”