News: Unnamed manufacturer in line for grant to support £21m investment in Rotherham facility
An unnamed manufacturer is preparing to invest in a £21.3m expansion project in Rotherham, backed by a £2m grant via the South Yorkshire Mayoral Combined Authority (SYMCA).
The support is connected to South Yorkshire's Investment Zone (IZ) status which is based around the region’s success in advanced manufacturing.
Primarily focused on connecting Sheffield to Rotherham (where the research assets such as The University of Sheffield Advanced Manufacturing Research Centre (AMRC) are already located), the zone is expected to create 8,000 new jobs and bring in £1.2bn worth of private investment by 2030.
IZ status provides South Yorkshire with up to £160m over ten years which can be used to offer investors, developers and start-ups a combination of targeted support and financial interventions to start, scale up and relocate their businesses.
The SYMCA board is being asked to approve the grant when it meets next week.
Advertisement
Updated papers are restricted but set out: "This project seeks £2m grant towards total project costs of £21.3m at an intervention rate of 9%.
"Manufacturing is South Yorkshire’s largest sector, at 12.5% of the economy. It added £500m between 2015 and 2021 (a 15% increase), continues to attract investment from cutting-edge firms and boasts a number of worldclass innovation assets. The Sector employs 10.4% (60,000) of the SY working population.
"IZ002 [the company] is currently undergoing a major transformation which began in 2023 and is anticipated to complete by 2027, with particular focus on reducing operating costs.
"The Facility in Rotherham is a cutting-edge supplier of high-value castings. IZ0002 load & capacity planning forecasts a demand increase of 100% between 2024 and 2030, with existing factory capacity exceeded in 2026. The alternative to investing in the Rotherham Facility is to source the finalised parts from overseas suppliers."
SY Investment Zone website
Images: Harworth Group
The support is connected to South Yorkshire's Investment Zone (IZ) status which is based around the region’s success in advanced manufacturing.
Primarily focused on connecting Sheffield to Rotherham (where the research assets such as The University of Sheffield Advanced Manufacturing Research Centre (AMRC) are already located), the zone is expected to create 8,000 new jobs and bring in £1.2bn worth of private investment by 2030.
IZ status provides South Yorkshire with up to £160m over ten years which can be used to offer investors, developers and start-ups a combination of targeted support and financial interventions to start, scale up and relocate their businesses.
The SYMCA board is being asked to approve the grant when it meets next week.
Advertisement
Updated papers are restricted but set out: "This project seeks £2m grant towards total project costs of £21.3m at an intervention rate of 9%.
"Manufacturing is South Yorkshire’s largest sector, at 12.5% of the economy. It added £500m between 2015 and 2021 (a 15% increase), continues to attract investment from cutting-edge firms and boasts a number of worldclass innovation assets. The Sector employs 10.4% (60,000) of the SY working population.
"IZ002 [the company] is currently undergoing a major transformation which began in 2023 and is anticipated to complete by 2027, with particular focus on reducing operating costs.
"The Facility in Rotherham is a cutting-edge supplier of high-value castings. IZ0002 load & capacity planning forecasts a demand increase of 100% between 2024 and 2030, with existing factory capacity exceeded in 2026. The alternative to investing in the Rotherham Facility is to source the finalised parts from overseas suppliers."
SY Investment Zone website
Images: Harworth Group
5 comments:
"Primarily focused on connecting Sheffield to Rotherham"
Don't you mean "Primarily focused on turning part of Rotherham into Sheffield"?
They can have Wickersley
great
Are you any relation to Dan?
Very Eagle-eyed to spot that.
Post a Comment