MONTGOMERY, Ala. — The Export-Import Bank of the United States will lend Huntsville-based Titomic USA Inc. $10.3 million to expand its manufacturing footprint in Alabama.
The financing announced on Wednesday will enable the company to purchase an integrated high-pressure cold-spray production cell.
The direct loan will allow Titomic to expand its ability to manufacture, repair and restore high-performance metal components in the United States. The components are used to support the oil and gas, defense, and aerospace industries.
The expansion will support “at least dozens” of new jobs in north Alabama, according to the Ex-Im Bank.
The direct loan is provided under the bank’s Make More in America Initiative, which helps finance export-oriented domestic manufacturing projects focused on national security.
EXIM Chair John Jovanovic said the loan will help ensure Titomic will “remain in the United States for years to come.” The company opened its Huntsville manufacturing facility, spanning 59,000 square feet, in June of last year.
“This financing represents an important milestone in Titomic’s transition from advanced technology development to industrial-scale production in the United States,” Jim Simpson, CEO and Managing Director of Titomic Limited, said in a statement.
Simpson added that the new funds will help “accelerate production capabilities at our Huntsville facility, create highly skilled American jobs, strengthen domestic supply chains, and expand our ability to serve commercial aerospace, space, energy, maritime, and other industrial markets.”
U.S. Rep. Dale Strong, R-Huntsville, also praised the announcement.
“We have the workforce and expertise to lead in this industry, and we need to keep building on that strength here at home,” Strong said.
The project is part of the Trump administration’s efforts to boost manufacturing capabilities within the United States.