A MORPETH company will be able to create 46 new jobs and accelerate its future growth, thanks to a £17million investment package for the North East approved by the Regional Growth Fund.
Piramal Healthcare is one of the world’s leading pharmaceutical contract development and manufacturing organisations, whose site at Whalton Road specialises in the manufacture of active pharmaceutical ingredients, formulated and packaged products and clinical trial supplies.
The vast majority of its products are exported to more than 100 countries worldwide and Piramal will now be able to use a share of the cash to maximise its competitive advantage trading internationally.
Site lead Jarrett Palmer said: “This is most welcome news. The funding will go a long way towards supporting our ambitious growth plans over the next five years. The grant will enable us to invest in new capabilities which will enable us to enter new markets worldwide.”
The bid was developed by Northumberland County Council and Tyne and Wear Development Company, which worked together with the companies to develop the package of support.
Other companies to benefit locally are Aesica Pharmaceuticals Ltd and Precision Hydraulic Cylinders (UK) Ltd, both at Cramlington.
Jeff Reid, Leader of Northumberland County Council, said: “This is extremely good news for manufacturing in Northumberland and the North East and shows that with the right assistance our leading companies can compete even more successfully in the global economy.
“Our regeneration service has supported three of the county’s key companies to secure this investment jointly with our partners on Tyneside.
“This news, added to similar success in the first round means that in total we have helped secure over £25million investment, over 390 jobs and £3.7million RGF funding, helping key sectors grow and rebalance the local economy both in Northumberland and on Tyneside where many of our residents travel to work.”