A £60m investment fund created to accelerate job opportunities and business development in the Tees Valley is proving a huge success.
One North East has already approved over £20m in investments through the Tees Valley Industrial Programme (TVIP) since the programme’s launch in December 2009. This will result in the creation of over 1,200 jobs, safeguard a further 1,100 jobs, catalyse £180m business investment and help create almost 700 new businesses.
TVIP will support the region’s industrial transition to low carbon and advanced manufacturing. Companies benefiting from the additional investments include:
£2m into MSD Biologics UK Ltd (formerly Avecia), based in Billingham – creating up to 75 jobs over the next 3-5 years. The investment will allow the manufacturer of high-quality, technologically advanced biopharmaceuticals to upgrade its commercial manufacturing facility.
£2m into PYReco, based in Wilton – creating 52 jobs. The investment will help fund the development of a new processing plant for the reclamation and recycling of tyres and rubber to recover carbon black, steel and oil. The project is also expected to create 240 construction jobs over the next five years.
£1.34m into GrowHow, based in Billingham – helping to safeguard the future of the site, which currently employs 200 people. The investment will allow the fertiliser manufacturer to press ahead with a £9m project to slash Nitrous Oxide emissions at its plant. Around 50 construction jobs will also be created by the project.
£621,600 for BOC, based in Tees Dock, Middlesbrough – safeguarding 40 jobs at the industrial gases manufacturer through the first of our energy efficiency grants to upgrade and modify the air separation unit with the installation of a hydrogen trailer filler facility.
£1.5m into Billingham-based Tees Alliance Group, building on the Department for Energy and Climate Change’s earlier investment to help the company supply the offshore wind industry, creating 110 new jobs and safeguarding a further 33. Total employment linked to the project is estimated at over 400.
One North East director of business and industry, Ian Williams, said: “TVIP has allowed the agency and our public sector partners in the Tees Valley to act quickly and decisively to support projects that are creating and safeguarding a significant number of high-quality jobs in the Tees Valley.
“The acceleration of these important projects will not only create a large number of employment opportunities, it will also help the Tees Valley maintain its reputation as a location for pioneering businesses operating at the forefront of UK industry.”
Mike Huggon, managing director, BOC UK & Ireland, said: “BOC is committed to playing a key part in the region’s industrial future.
“This investment will help us align our production and distribution networks more closely to current and future requirements on Teesside. BOC appreciates the support of One North East, NEPIC and Tees Valley Unlimited in enabling this to be carried out in a timely manner.”
Alongside the significant TVIP investments made so far, One North East has also announced a number of other investments to create jobs and further support the Tees Valley economy. Examples include:
Global engineering and construction provider, Aker Solutions is recruiting up to 100 new staff in its Stockton offices. With the support of a £1.4m GBI from One North East.
Cummins Ltd is safeguarding 135 jobs to create the next generation of clean diesel engines. The firm has been awarded a Large Company R&D Grant of £600,000.
Hartlepool-based TMD Friction has been awarded £400,000 to create and safeguard jobs by expanding its manufacturing plant.
Hertel Technical Services received a grant of £350,000, which will help facilitate a move to a new base in Stockton, creating 40 new jobs.
TVIP has already announced:
£2.4m package of support for engineering apprentices. Around 150 apprentices in the Tees Valley will receive help over the next few years, including 91 from Corus.
£1.4m to help business start-ups and supporting existing firms that will create and safeguard 400 jobs.
£1.5m in ERDF funding to extend enterprise coaching services as part of the Local Enterprise Growth Initiative (LEGI). The initiative aims to help increase numbers of new start-up businesses by 300 a year.
£5m to help Tees Valley companies improve their resource efficiency. The project will lever in £25-30m private sector investment and safeguard 500 jobs.
To find out more about the TVIP and funding that is available visit www.onenortheast.co.uk/tvip
Alternatively, please contact Simon Goon at One North East on 0191 229 6315, or Neil Kenley at Tees Valley Unlimited on 01642 632005.
TVIP will support the region’s industrial transition to low carbon and advanced manufacturing