South Yorkshire manufacturer Hydra Mining Tools International is establishing a joint venture with leading Chinese engineers Taiyuan Mining Machinery Group (TMMG).
Hydra designs and manufactures mining equipment and proprietary cutting systems mainly for use in the deep coal mining and potash industries around the world. The company has its headquarters in Rotherham, where it produces carbide, mineral cutting tools, tool holders, cutting chains, conveyor rollers and related components. It also operates a factory at Doncaster, specialising in fabrication work and general machining activities.
South Yorkshire Investment Fund (SYIF) supported the collaboration with a £50,000 loan, and Barclays bank provided additional financial support.
Gordon McShannon, Chief Executive of Hydra Mining Tools, said: ‘The joint venture will enable us to penetrate the Chinese coal market and secure jobs in south Yorkshire. In order for the company to expand further we needed to make a strategic move into China, which has the biggest coal mining market in the world.’
Hydra Mining currently exports to more than 20 countries, but previously had few operations in China. The joint venture will see the company becoming one of the main exporters to China.
South Yorkshire Investment Fund chief executive, Tony Goulbourn, said: ‘The investment made by SYIF will reinforce Hydra’s position as one of the leading players in the world for the design and manufacture of shearer drums and proprietary cutting systems for use in the deep coal mining industry.’