Forged Solutions Group is calling on ministers to introduce subsidies or remove tax charges because increases in electricity and gas prices are too big to pass on to the customer.
Bosses spoke ahead of the Chancellor’s spring statement on Wednesday in which it is hoped he will tackle the crisis in energy prices and the cost of living.
Forged Solutions – formerly Firth Rixson Forgings – employs over 400 people at three sites in Sheffield – Meadowhall, River Don and Ecclesfield – as well as Darley Dale and Blaenavon in Wales.
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The company, a leading UK specialist in high-integrity forgings, suffered a £6million loss during the pandemic but has since rebounded due to demand.
The company has invested over £3 million in CNC machining and testing facilities and needs 25 new staff.
In December, he spent $1 million to refurbish his 25-ton Beche kickback hammer.
Chairman Ben McIvor said, “The biggest challenge for our business is energy. You simply couldn’t have predicted what we’re seeing and there are very few, if any, companies that can sustain the meteoric rises we have to endure.
“Our consumption is very intensive and we are faced with a significant increase in our energy prices compared to recent years.
“You can’t pass all this on to the end customer, then you end up looking for alternative solutions and that’s where I think the government really needs to step in and come up with possible solutions.”
Much of the company’s work is in aerospace, with its forgings used as shafts, rings and discs for engine parts, as well as landing gear and main body structural components for aircraft.
It also serves the power generation, underground mining and off-road vehicle sectors.
The company is a member of the 200 Member Confederation of British Metalforming.
Chief Executive Geraldine Bolton said it was time for the industry to “stand up and start shouting” about the challenges it faced.
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Source: www.thestar.co.uk
This notice was published: 2022-03-23 07:29:44
