£1 billion heads for NE

A survey among members of the North East of England Process Industry Cluster (NEPIC) has revealed that international banks and investors have committed £1 billion of new investment in the region for current, recent and immediate future construction plans.

Projects range from Huntsman’s £200 million polyethylene plant at Wilton to a £5 million upgrade recently completed at Cramlington, Northumberland for Rhodia Pharma Solutions.

The investments by multinationals and locally owned businesses in the North East of England's chemical process sector revealed in the NEPIC survey will take the total of current and recent investment in the region to well over £1 billion by 2006.

NEPIC chairman Bob Coxon said: ‘The level of confidence is high because investors know the region has a strong existing manufacturing base and also an expanding knowledge economy producing exciting new investment opportunities. Newcastle and Durham universities are both rated five-star establishments in science and engineering research and both they and the industrial laboratories in the region are producing innovative R&D with serious potential for profit from new spin-off and start-up businesses.’

Member companies in the fast-expanding biotechnology sector have asked NEPIC to help them recruit a further 1000 workers in the next 12 months, while Teesside University has introduced a new foundation degree in chemical technology.