Manufacturing giant to invest £150m in new Hull plant

Chemicals manufacturing giant Ineos is to invest £150m to build a new facility at its site in Hull.

The company has announced plans to construct a new Vinyl Acetate Monomer (VAM) plant at the Saltend Chemicals Park, as part of a wider £1bn investment in the UK.

The new facility will double the size of the workforce at the current site, creating 40 new jobs.

This move will bring production of a raw material back to the UK. The capacity at the site is expected to be 300,000 tonnes per year.

VAM is a key component in a wide range of important high-end products including laminated windscreens, toughened glass, adhesives, coatings, films, textiles and carbon fibre.

Overall, Ineos will invest £1bn in the UK in multiple projects designed to ensure its British assets “stay world class” for a generation.

Sir Jim Ratcliffe, INEOS founder and chairman, said: “INEOS is a supporter of British manufacturing and this £1bn investment underlines our confidence in our business in the UK.

“These investments will ensure that our UK assets continue to be world class for many years to come.”

Graham Beesley CEO of INEOS Oxide, added: “This is an exciting time for INEOS and great news for manufacturing in the region. We are proud to be bringing production of this important material back to the UK.

“This will not only strengthen UK manufacturing but boost exports from the UK to Europe and the rest of the world.”