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A grant of £2 million has been made available to Superglass to help secure the insulation manufacturer's future.
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Superglass, the UK's largest independent manufacturer of mineral wool insulation, has been granted £2 million funding to help secure its future.
The grant - Regional Selective Assistance funding - comes from the Scottish Government via Scottish Enterprise and helps to secure 187 jobs at the company's production facility in Stirling, Scotland. It was announced on November 17th by Enterprise Minister Fergus Ewing.
He said: "I am delighted this funding will further secure the jobs of 187 employees as well as ensure the continued future success of a major company in the Forth Valley area. The Scottish Government and Scottish Enterprise are working hard to promote Scotland as an attractive and competitive location to do business.
"These investments are testament to the quality of workforce, skills and infrastructure that we have in Scotland - and with the full financial and economic powers of independence, we could achieve even more."
Lena Wilson, chief executive, Scottish Enterprise, said: "Superglass is a company with a real determination to succeed and this RSA award will help make it even more competitive. RSA is a key tool we use to help home-grown companies expand and grow in Scotland and to help investors companies locate here. By doing so we can help create more jobs, ultimately boosting the long-term recovery of the Scottish economy.
"As well as RSA, the company has benefited from an integrated package of support from Scottish Enterprise including help with its environmental sustainability and assistance with improving efficiencies and reducing operating costs. We look forward to continuing to work with Superglass to help further realise its ambitious growth plans."
Alex McLeod, chief executive of Superglass, Scotland's only independent manufacturer of insulation, said: "I am delighted we have been successful in obtaining RSA funding. This award reaffirms the Scottish Government and Scottish Enterprise's commitment to the Scottish manufacturing sector.
"It will, when combined with the support we have received from investors and Clydesdale Bank, enable Superglass to implement a capital investment programme at our Stirling manufacturing plant. This will improve our operational efficiency, increase plant capacity and better our competitive position, whilst creating and safeguarding jobs."
Superglass began manufacturing at its Stirling site in 1987 and is a major supplier to the construction industry of glass wool insulation products which are key in meeting the Government's continuing legislative programme for improved energy efficiency and noise control in buildings.
This is the first full financial year that Scottish Enterprise has been responsible for administering and awarding the grant directly. This means that RSA now forms part of a package of integrated support offered by Scottish Enterprise to companies with the potential to make the biggest difference to Scotland's economic performance.
Background
Regional Selective Assistance (RSA) is the main national scheme of financial assistance to industry, and is administered by Scottish Enterprise. The scheme provides discretionary grants to investment projects that will create and safeguard employment in areas designated for regional aid under European Community law. Payment of RSA is made in instalments, typically over several years as job and capital expenditure targets are met.
ENDS
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