A Japanese automotive specialist is putting Greater Manchester 'at the forefront of the electric vehicle revolution' by investing £100m in its local factory to create more than 200 jobs.
Astemo will create a new production line in Horwich to make inverters for electric vehicles following a “significant” contract win.
The Tokyo firm, which makes electronic and powertrain systems for vehicles, says it will be the only company in the Ƶ with that production capability. The investment should create around 220 new high-skilled manufacturing jobs.
Greater Manchester leaders have been focusing on Japanese investment this year and last month saw a trade mission to Japan. OIn that visit, Greater Manchester mayor Andy Burnham and Manchester City Council leader Bev Craig visited Astemo’s Tokyo base to meet executive officer Mathieu Devillard.
Andy Burnham said: “This investment by Astemo is a huge vote of confidence in Bolton and Greater Manchester. It puts our city-region at the forefront of the electric vehicle revolution, creating high-quality, long-term jobs and opportunities in our advanced manufacturing sector.
“During our recent trade mission to Japan, Bev Craig and I had the opportunity to meet with Astemo. Their long-term commitment to Greater Manchester was clear and they will have our full backing as they look to grow over the coming years.
“We are proud that our international engagement has made Greater Manchester the number one Ƶ destination for foreign direct investment outside London. Japanese companies like Astemo have found a genuine partner in our-city region and our growing reputation for innovation is increasingly making us the natural choice for international businesses who want to grow.”
Bolton Council’s leader, Coun Nick Peel, said: “This is fantastic news for Bolton, which will create hundreds of jobs in Horwich, and ensure a new production line to manufacture inverters for electric vehicles.
“Pioneering companies like Astemo are investing in their people and technologies for the long-term and making a home in Bolton.
“Investments like this create a renewed sense of excitement and confidence in the borough that will attract further investment.”
Business and Trade Secretary Jonathan Reynolds said: “Astemo investing over £100 million into its Ƶ site is a huge win for Bolton and Greater Manchester and a vote of confidence in our Plan for Change. It will create and safeguard more than 200 jobs, putting more money in local people's pockets.
“We’re helping British auto manufacturers get to the front of the pack by working hand in hand with investors to build a globally competitive zero-emission vehicle supply chain in the Ƶ.
“Security for working people is our number one priority, and by backing our world leading auto sector we are creating the right conditions for increased investment, bringing growth, jobs, and opportunities to every part of the Ƶ.”
Joe Manning, managing director at inward investment agency MIDAS, said: “This substantial investment from Astemo creates real opportunities for our city-region. With over £100m in confirmed investment supporting 220 jobs, we're seeing the tangible benefits of our international partnerships, with Astemo being a prime example of this.
“MIDAS has worked closely with Astemo for several years, and it’s fantastic to see the results with an investment of this scale.
“We look ahead to building on the momentum created through this investment.”
Ahead of last month’s Japan trade mission, Japanese vinegar manufacturer Mizkan – whose brands include Sarson’s – last month announced it was investing £17m in its Middleton base.
In September Manchester will host the 50th annual Japan Week cultural festival, where Mizkan will be headline sponsor.
Cllr Craig, who is also Greater Manchester Combined Authority portfolio lead for economy, business and inclusive growth, said: “Greater Manchester's economy continues to go from strength to strength, with the new investment from Astemo demonstrating the confidence international businesses have in our city-region, as well as the real economic value being created by our long-term engagement with Japan. This investment also demonstrates the ongoing importance of our international engagement and the opportunities that investors see across our city region.
“Our diverse, resilient economy, worth approximately £80 billion annually, provides the perfect foundation for Japanese companies to establish and expand their Ƶ operations. We look forward to celebrating the depth of our cultural and trading partnership with Japan during Japan Week in Manchester in September this year.”
