The Welsh Government’s unique Economic Resilience Fund (ERF) has helped protect 257 jobs at a Pontypool car parts manufacturer.
ZF Automotive UK Limited, which is an important employer in the area and supplies parts to leading car brands across the world, has been hit hard by the coronavirus pandemic.
To support the company and its workers through these incredibly difficult times, the Welsh Government has provided £267,000 to help with cashflow and protect the livelihoods of staff.
The ERF, which is part of Welsh Government’s £2 billion plus support package for businesses, is providing thousands of companies across Wales with significant financial support and has already helped to safeguard 125,000 jobs. The fund complements the help provided by the UK Government.
Jonathan Williams, plant manager of ZF Automotive UK Limited in Pontypool, said:
The impact of the Covid 19 pandemic to ZF Pontypool was dramatic and sudden. The site was closed for two months while we risk assessed our operations, re-organised factory layouts and put in place social distancing and PPE requirements. Cash flow was paramount during this period, with significant costs remaining. Support from the Economic Resilience Fund was key in maintaining liquidity for the business and safeguarding the jobs of the 257 employees at the site.
Economy Minister Ken Skates said:
The Economic Resilience Fund has been key to our efforts to protect companies, jobs and livelihoods from the severe economic effects of the virus.
Since the beginning of the pandemic, we have provided a substantial package of support for Welsh businesses, delivered at pace, worth more than £2 billion. This is the most generous offer of help for businesses anywhere in the UK.
I am pleased it has provided crucial financial assistance to ZF Automotive UK Limited at a time when they needed it most and helped protect 257 important jobs.
As a government, we will continue to do all that we can to protect our businesses and our people during this terrible pandemic.