A multi-million pound boost for manufacturing in and around the Peak has been announced as part of a £950 million Government grants package – but there was disappointment as The Crescent in Buxton missed out yet again on vital cash.
Investment in rail friction technology which could see the Federal Mogul factory at Chapel-en-le-Frith become an export leader will bring in 44 jobs with more to come,.
And just over the border in Cheshire, backing for the £50 million redevelopment of the Disley Tissue factory will help employment prospects in the area.
In total 119 bids from businesses and local partnerships, out of 492 submitted, are to receive funding from the second round allocation of the Regional Growth Fund (RGF), to expand their operations, create new jobs and attract private investment.
Santino Lammond, Plant Manager of Federal Mogul in Chapel said: “Federal Mogul is very pleased to receive provisional acceptance for an RGF investment award.
“The company is progressing with the next steps in the qualification process and we appreciate this recognition for our company and proposal.
“We are working to strengthen the long-term viability of the Federal Mogul Chapel-en-le-Frith site through the proposed program of investment in leading technology, innovation and world-class manufacturing. We appreciate the support of local and national government representatives and agencies.”
The project submitted to the RGF fund is the development of new rail friction technology in Chapel and manufacturing capacity to accelerate the sales and export of these products.
Fully implemented, the project could lead to 44 positions and potentially more in the future.
Disley Tissue, who announced plans for a £50 million redevelopment in August, have also succeeded in their bid.
The firm intends to redevelop the disused, obsolete buildings in the middle of the site with a new paper mill to increase the capability of the business and create up to 50 new jobs.
High Peak MP Andrew Bingham said: “Obviously I am delighted that Federal Mogul have been successful as it brings investment into the High Peak.”
He said the success of the Disley Tissue bid may also benefit the area. “It is right on the boundary of High Peak and we will get some benefit from that, I hope, as jobs and employment do not follow constituency boundaries and a lot of New Mills people work there. Anything that brings investment in has got to be good,” added Mr Bingham.
George Cowcher, Chief Executive of Derbyshire and Nottinghamshire Chamber of Commerce, commenting on the success of member business Federal Mogul, said: “This additional funding will further enhance their ability to create jobs and drive local economic growth.”
l But the long-awaited multi-million pound Crescent hotel and spa project was again unsuccessful.
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