Deal will take revolutionary UK technology to US market
One of the UK’s leading international manufacturing and engineering companies has announced the opening of its first North American factory as it looks to establish its revolutionary technology in the US.
The agreement will see TRB Lightweight Structures open a 40,000 sq ft factory in Richmond, Kentucky – its first facility outside of Europe – as a joint venture with leading automotive supplier Toyota Tsusho America, which is based in North America.
TRB Lightweight Structures, established in the UK more than 60 years ago, developed a revolutionary production process that allows carbon fibre to be press-formed and manufactured into lightweight components.
The new facility will initially focus on serving clients in the US automotive sector – particularly electric vehicles – and also supports TRB Lightweight Structures’ ambitious international growth plans.
Leading UK law firm Aaron & Partners LLP provided legal advice to support the successful completion of the deal.
Hugh Strickland, Corporate Finance Partner at Aaron & Partners, said: ”This is a huge milestone for TRB Lightweight Structures and it’s fantastic to see this deal completed successfully.
“TRB Lightweight Structures is well-established as a leader in the UK market, but the opening of a US facility will provide a unique opportunity to take the company’s technology to a new and growing market in North America.
“This is a significant deal for all of us at Aaron & Partners to have helped conclude. We’re incredibly proud to have been closely involved throughout the process from start to finish, working collaboratively with parties on all sides to reach a successful outcome.”
Aaron & Partners worked alongside RSM, who provided tax and accountancy advice, and Corporate Finance Advisor, Simon Bursell. RSM’s involvement was led by Andrew Robinson, Tax Partner, who ensured that the joint venture was established in a way that delivered the commercial arrangements without exposing TRB to significant UK or US tax risk.
Andrew explained: “TRB is further evidence (if evidence were needed) that manufacturing in Britain is flourishing. We wish TRB well in their new venture.”
Richard Holland, Managing Director of TRB, commented: “We are delighted to be able to announce the creation of TRB Lightweight Structures America together with Toyota Tsusho America.
“We’re excited about the future of the company in the United States and the opportunities that we can see within this new market. The UK is a global leader in composites, and we are very pleased to bring our technology and expertise to the rapidly growing Electric Vehicle sector in the USA.
“The professional services we have received from Aaron & Partners, RSM and Simon Bursell throughout have been fantastic and have supported and facilitated a seamless transaction.”
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