Insulation manufacturer Superglass is to invest £37m in its manufacturing facility in Stirling, Scotland to double capacity from 27,000 tonnes to 60,000 tonnes annually within two years.
The investment will include a 187-tonne furnace and curing ovens, replacement cooling, cutting and milling equipment and an automatic packing system. Building work will start early in the new year.
The investment will deliver a significant growth in new full-time jobs over the next 18 months to accommodate and fulfil the increased capacity. These jobs will be created across the breadth of the organisation, but primarily in the operations team as well as in product marketing and innovation.
Ken Munro, Chief Executive Officer of TechnoNICOL UK, Ireland and USA which owns the Superglass business, said: “TechnoNICOL’s backing is a real vote of confidence in Scottish manufacturing, both in terms of the quality of the work we do here and the expertise of the workforce. It is a validation of our strategy within Superglass over recent years and very personally satisfying for me to see further consolidation of the initial investment at our regional headquarters. It is also an important milestone in the total transformation that this business has experienced over the last three years – we have delivered a £10M improvement in profitability over this period and significant double digit sales growth in the current year.
“With this investment, we will have spent close to £50 million on this site since the acquisition of Superglass and this is a further statement of intent regarding the long-term future of our Stirling operations. By our estimations, it’s also one of the biggest single inward investments made in Scotland’s manufacturing sector for a long time. It’s an exciting time for the business. We’ve got significant growth ambitions and this investment will certainly help propel us towards achieving those goals.”
TechnoNICOL is the largest manufacturer of construction materials in Russia and Eastern Europe, with 52 manufacturing facilities across Russia and Europe.
Scottish Cabinet Secretary for the Economy, Jobs and Fair Work, Keith Brown, said: “This investment, and the jobs it will create, is excellent news for Stirling and for the wider Scottish economy. It rightly shows real confidence in the highly-skilled Scottish workforce.
“It will help position the Stirling site to take advantage of greater opportunities in the future and will also help to deliver significant environmental benefits.
“I am delighted that Scottish Enterprise has been able to support this project with a grant of £477,000.
Superglass’ expansion is backed by Scottish Enterprise. The economic development agency has committed £477,000 towards the project to deliver jobs and growth for the Stirling and Scottish economies.