Monday, June 16, 2014
North Devon factory set for expansion after £1.5million government grant and American investment.
BARNSTAPLE pharmaceuticals manufacturer Actavis has received a £1.5million injection from the Government, it was announced on Monday.
North Devon MP Nick Harvey welcomed news of the grant, offered as part of the Regional Growth Fund scheme.
It is understood that combined with a £4.5 million investment by its American parent company, a total of £6m will be invested in high-tech expansion at the Barnstaple factory site.
The company said the project was focused on manufacturing and new product development, but it could not comment on the scale of the expansion or new jobs at this stage.
It said the funding is to support building an extension to the Barnstaple facility, ‘dedicated to advanced manufacturing and expanding development capabilities’.
Sara Vincent, vice president for UK and Ireland added: “This presents a great opportunity to build on our capabilities in the development and manufacturing of medicines, while also growing our national and international business.”
Mr Harvey said Business Secretary Vince Cable had been very impressed and promised to help when he visited the site last autumn.
“This is the first big success since Vince’s announcement that parts of North Devon are to be eligible for capital grants to help boost local business,” said Mr Harvey.
“The new facilities should, in time, enable the Barnstaple site to sell into the lucrative American market, and will sustain and increase high quality employment in the area for many years to come.
“I congratulate Actavis on their achievement and thank Vince Cable for recognising their potential for further success and growth.”