VICTREX PLC
12 February 2015
British based global world leader set for continued investment in the UK
High performance polymer solutions company Victrex has received a boost by securing £1.3 million in grant funding, subject to satisfactory due diligence, towards a multi-million pound Polymer Innovation Centre in the UK, which could help create over 80 direct and indirect jobs over the next 10 years.
Today's announcement by the Deputy Prime Minister, for UK Regional Growth Funding, recognises that Victrex's Hillhouse headquarters in Thornton Cleveleys, Lancashire, UK, resides within the Fylde Coast Assisted Area. The funding, together with Victrex's own investment, will enable the company to make a viable case for investing in a new world class and cutting edge research and development (R&D) centre within the local area, rather than it being carried out elsewhere.
The Polymer Innovation Centre will enable Victrex to extend its existing R&D capability and to support future growth. The facility will enable the scaling up of new lab concept products and applications to full commercialisation for customers around the world. Victrex has already invested over £140 million over the last four years at its main Hillhouse headquarters. Investments include its third PEEK manufacturing plant, which will come online in 2015, and its APTIV film plant, which was commissioned in late 2014.
David Hummel, Chief Executive of Victrex, said: "This is great news for Victrex, our employees and for the region, as well as the UK, in enabling our company to continue pioneering the market for high performance polymers well into the future.
"As a global world leader and major UK exporter, our past success and our future prosperity is founded on technical excellence and manufacturing capability. Whilst we are already a global champion, having the right technical skills is key to continued innovation for our customers across the globe. This will help support our growth and the creation of high quality jobs over the years ahead."
Andrew Hanson, Head of Investor Relations & Communications, Victrex plc +44 (0) 1253 898121
About Victrex:
Victrex is a major exporter and world leader in high performance polymers, serving the automotive, aerospace, energy, electronics and medical markets. Our polymers are contained in products and applications which are relied on by millions of people every day, including smartphones, aeroplanes, cars and medical devices. We are UK headquartered, but global, with over 97% of our sales coming from
overseas. Victrex employs over 700 people worldwide. Find out more at www.victrexplc.com
The Government's Regional Growth Fund has invested nearly £3 billion to help businesses in England to
grow; so far generating over 100,000 jobs.
56 new awards in Round 6 and seven through exceptional RGF support - announced on 12 February 2015, gives £297 million to 63 projects and programmes to create and safeguard thousands more jobs and unlock an additional £1.5 billion private sector investment
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