An insulation manufacturer headquartered in Gloucester has invested more than £8million in a new factory in the town after seeing demand for its subsea buoyancy products soar.
Advanced Insulation, which operates worldwide, has signed a 10-year lease for a new 65,000sq ft facility close to its 海角视频 head office.
The company is planning to move all buoyancy production from its current site in Plymouth to the new facility.
It said the move would enable its Plymouth operation to focus on "developing and growing" the marine sector of the business.
“This is a significant financial investment for us, but one that will enable us to increase capacity to meet market demand,” said managing director Andrew Bennion.
"[It] will enhance our ability and reduce the time to develop and test new buoyancy products to meet the changing needs of the subsea market."
Advanced Insulation said it would be installing “state-of-the-art machinery” into the new unit, which will also have bespoke testing facilities on site, according to the firm.
Mr Bennion said the new machines would “significantly increase capacity” and create efficiency improvements.
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“We have demanding growth objectives, and I’m delighted that we are able to proceed as planned despite the current climate we’re operating in, due to the pandemic," he added.
The announcement comes two months after Manuplas, a division of Advanced Insulation, signed a two-year lease for additional storage space close to its existing production facility in Estover, Plymouth.
Advanced Insulation is a supplier of insulation, passive fire protection (PFP), buoyancy and cable protection systems.
The company has been developing solutions for the oil, gas, subsea and marine sectors since 2007.
It also has manufacturing facilities in Brazil, UAE, South Korea and Kazakhstan.