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Manufacturing industry news
News Release from: GTMA | Subject: Mould and press tool leasing programme
Edited by the Manufacturingtalk Editorial
Team on 07 December 2005
GTMA launches moulding tool-leasing
programme
The UK's Gauge and Tool Makers' Association is launching a tool-leasing programme, which will allow toolmakers to offer press tools and mould and die tools to their customers on a lease basis.
In response to requests from members, GTMA, in association with Barclays Asset Finance, is launching a tool-leasing programme - yet another GTMA initiative to strengthen UK Supply Chains The programme, which will allow toolmakers to offer press tools and mould and die tools to their customers on a lease basis, financed through Barclays, provides three major benefits: * Firstly, it improves the cash flow situation for tool-makers, so avoiding the cash flow problems caused by the industry's very slow payment culture
This article was originally published on Manufacturingtalk on 2 Sep 2003 at 8.00am (UK)
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* Secondly, it allows the customer, whether that be a Tier 1 or 2, or OEM company, to amortise the cost of the tooling over several years - this could also include arrangements to cover maintenance of the tool.
* Thirdly, it provides potential marketing advantage to both supplier and purchaser by reducing project risk and cost of finance, both of which are currently factored in to quoted prices.
This financial initiative, which has been timed to be compatible with the establishment of the GTMA Buyer/Supplier Network which will be launched during 2006, will commence with a three months pilot scheme for GTMA members in the South East, to further ascertain needs of both members and their customers.
It is not necessary for any of the parties to be a Barclays account-holder in order to participate in the programme.
GTMA Business Development Manager, Alan Fairweather, comments; "This is another 'brick in the wall' of our overall Supply Chain strategy, providing GTMA members with the contacts and infrastructure to strengthen their position in their selected sector supply chains.".
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