Principal Manufacturing Secures $11 Million Loan
Alostar has provided a business credit and loan worth a combined $17.35 million to the precision metal stamper and fineblanker of seats, seatbelts, seat weight sensors, as well as throttle controls, transmission and four-wheel drive transfer units, engines and latches.
Posted: June 28, 2013
Alostar has provided a business credit and loan worth a combined $17.35 million to the precision metal stamper and fineblanker of seats, seatbelts, seat weight sensors, as well as throttle controls, transmission and four-wheel drive transfer units, engines and latches.
AloStar Business Credit (Atlanta, GA) has provided an $11 million revolving credit facility to Principal Manufacturing Corporation (PMC; Broadview, IL), a manufacturer of engineered solutions for automotive and industrial companies worldwide. In addition to the revolving credit facility, AloStar also has provided a $6.35 million term loan.
PMC is a precision metal stamper and fineblanker of seats, seatbelts, seat weight sensors, as well as throttle controls, transmission and four-wheel drive transfer units, engines and latches. Fineblanking is a specialized metal forming process combining the technologies of stamping and cold extrusion that leaves no fracture zone when shearing.
Materials that can be fineblanked include aluminum, brass, copper, carbon and stainless steels. PMC entered the fineblanking business in the 1960s and it has since become the largest part of the company’s business.
In addition to fineblanking, PMC also offers conventional stamping and plastic injection molding services. Other operations include: automated assembly, brazing, broaching, computer numerical control (CNC) machining, drilling, grinding and vibratory deburring. Its customer base includes industries associated with marine engines, automotive, electrical, computers and HVAC, among others.
“We look forward to working with Principal Manufacturing to provide access to the capital it needs,” said Andy McGhee, president of AloStar Business Credit. “Their specialized offerings set them apart in an industry sector that is poised for a rebound.”
”Alostar was able to quickly understand our business and setup a financing structure to suit our needs,” said Benjamin Barnett, vice president of Principal Manufacturing Corporation. “On a tight timeline Alostar had the flexibility and speed to close our deal on time.”
www.principalmfg.com , www.businesscredit.alostarbank.com
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