Oil and gas service firm Pacson Valves, with branches in Canada, the US and Brazil, has secured a refinancing package to help its future growth. Pacson switched to Clydesdale Bank from its previous banking partner to gain more flexible working capital facilities.
Based at a 50,000 square foot plant at Claverhouse Industrial Estate, UK, Pacson supplies high integrity valves to the global oil and gas sector. The firm, which employs more than 90 staff, designs, manufactures and tests surface valves, subsea valves and pressure-containing equipment. Priding itself on being at the cutting edge of product design, the company continues to commit significant funding to research and development.
Pacson commercial director John McLaren said: “Conditions have been challenging but we’re confident we now have the banking products we require to support our long-term growth strategy, thanks to Clydesdale Bank.