Wednesbury-based manufacturer, Star Precision Tools Ltd, has received a £100k investment to produce new tooling for components needed for Jaguar Land Rover’s (JLR) soon-to-be-unveiled second generation Evoque.
The investment, provided by the National Tooling Loan Fund and introduced by Frontier Development Capital, will support a contract to provide a component supplier with the tooling needed for the new JLR Evoque, set to be launched to market in 2019.
The project will deliver 10 specialist press tools for manufacturing components to fit in the vehicle’s glass sunroof, as well as the main plastic surround - crucial in reducing damage when the vehicle is crash tested or involved in a collision.
Established in 1987, Star Precision Tools is a family-run business and has more than 30-years’ experience in developing and manufacturing tooling for OEM’s and Tier 1 supply chain businesses. Completing projects for a variety of sectors, the firm’s key client base operates within the automotive sector - supplying components and tools used by global brands including Honda, Nissan, Aston Martin, Bentley and Jaguar Land Rover.
Marie Kelly, Investment Manager at Frontier Development Capital, said:
“Star Precision Tools has built a name for itself with global brands as a high-calibre tier 2 tooling manufacturer, helping it to secure this flagship project with the largest automotive manufacturer in the UK. This not only reaffirms the Midlands’ position as a home of industry but provides confidence that suppliers here in the UK can fulfil vital contracts and drive high-growth industries."
Investment fund - National Tooling Loan Fund