A company rescued from administration has become one of the most successful manufacturing turnarounds in the region, recording its first £1 million month. To celebrate the achievement, which puts the company ahead of projected income, MD Jason Lippitt treated every member of the workforce to a cash bonus.
TMAT Ltd, which manufactures acoustic linings for tractors and excavators, was bought out of administration by Jason and his team and now employs more than 100 people.
The company, based on Chesterfield’s Holmewood Industrial Park, works with some of the world’s biggest heavy plant manufacturers, including: Case, New Holland Tractors, JCB, and Terex.
Its products make life pleasanter for the thousands of people who spend their working life in tractors and excavators, by reducing noise and vibration and making the machine’s cab more comfortable.
Jason Lippitt, an industrial chemist with an MBA and strong manufacturing background, took over the failing TMAT business two years ago, in April 2009. He assembled a team that comprises Ivan Chapman (Sales Manager), David Delaney (Operations Manager), and Laura Bawden (Financial Controller).
Sourcing support from business angels and turnaround consultants Advent Partners, and HSBC Bank, they have taken the company into profit, safeguarded the existing jobs and doubled the workforce.
Establishing a Research & Development arm, they have launched new polymers and products which are hard-wearing, cost-effective, and meet new environmental and chemical industry standards.