Welsh Regional Selective Assistance obtained
An
Eriez Magnetics Europe product story
Edited by the Engineeringtalk editorial team
Dec 25, 2001
Eriez Magnetics Europe has been successful in claiming payment of the second and final instalments of a grant from the Welsh Assembly Government.
Eriez Magnetics Europe has been successful in claiming payment of the second and final instalments of a grant from the Welsh Assembly Government.
The company applied for Regional Selective Assistance of up to £84,000 under Section 7 of the Industrial Development Act 1982 to help implement a project to manufacture superconducting magnets and sampling equipment at the company's site on Bedwas House Industrial Estate, Bedwas, Caerphilly, UK.
The project involved a total capital expenditure on fixed assets of over £500,000 and the creation of 28 permanent full time jobs and 1 permanent part time job at the premises.
The offer letter from the Welsh Assembly Government (formerly Welsh Office Industry and Training Department) indicated that payment would be paid in three equal instalments over a period of three years.
Eriez Magnetics Europe were successful in creating the specified number of jobs in less than the time allocated.
Accordingly, the company was able to draw down the third instalment along with the second instalment.
Welsh First Minister, Rhodri Morgan, said: "The Welsh Assembly Government is delighted to have been party to Eriez's success in completing the expansion programme at its manufacturing facility in Bedwas ahead of schedule.
The Regional Selective Assistance is our primary tool for granting financial aid to business in Wales and this is an excellent example of how we can work in partnership with the private sector.
The creation of 29 new jobs in Bedwas is welcome news and Page 2 will assist in the regeneration of the local economy".
The grant project was in fact part of a much larger expansion scheme to grow the Eriez facility by 1,300 square metres to a total of 3,500 square metres.
This expansion comprised of additional manufacturing space of 770 square metres with separate area for manufacture of metal detectors, a 90 square metre purpose-built spray booth and design workshops as well as the extension and modernisation of the sales and marketing offices.
The completion of the grant project and the addition of essential staff were seen as a vital part of the company's expansion plans to become a world leader in superconducting magnetic separation and sampling technology.
These technologies are applied across a number of industries, including mining and quarrying as well as ceramics and minerals processing.
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Contact Eriez Magnetics Europe
Tel +44 29 2086 8501
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