Tracerco, part of Johnson Matthey Plc, is the most recent company to benefit from incentives on the Tees Valley Enterprise Zone.
Within the last few weeks, Tracerco has successfully secured a £1 million grant from the £30million ‘Let’s Grow’ programme part of the Regional Growth Fund programme (RGF).
The grant will support a £8.6 million investment programme including a new 61,000 sq ft bespoke research and development facility, in addition to some existing Tracerco buildings, and will be one of the largest developments on an Enterprise Zone Business Rate Relief site in the country.
The new development is expected to create 50 new jobs.
Councillor Jim Beall, Deputy Leader of Stockton Borough Council, said: “We’re delighted that Tracerco has secured the Let’s Grow grant for investment in its research and development facilities. The new building will create specialist jobs as well as ensure this fantastic Stockton company can continue to grow and secure new contracts. It really is exciting to see so many positive developments so soon after the Enterprise Zone’s creation – underlining Stockton Council’s on-going commitment to securing success for the Borough’s economy and the wider Tees Valley region. It is terrific that we are already seeing the Tees Valley Enterprise Zone succeed – with the sites based within Stockton Borough playing an instrumental part in the on-going development of the local economy and job creation."
Stephen Catchpole, managing director of Tees Valley Unlimited, said: “It is particularly satisfying to see the different streams of business support come together to benefit a local company and help them grow. As the Local Enterprise Partnership we identified the sites within the Tees Valley Enterprise Zone that could support and encourage expansion and we have backed the Let’s Grow programme as a means of making ambitious plans a reality. To see it happen, and on such a large scale, is a vote of confidence in Tees Valley and Tracerco should be commended for their commitment to the area.”
Andy Hurst, Managing Director at Tracerco, said: “The new Measurement Technology Centre is the platform for innovation and will support growth in our Measurement Instruments business for the next decade. It will support the development of more unique and special diagnostic devices, such as ‘Discovery’, our latest development for the subsea industry, to maintain our position as world leader in our sectors.”
Tracerco which has its origins within Imperial Chemicals Industries (ICI) is part of the Process Technologies Division of Johnson Matthey. Its innovative range of products and services support many businesses across the oil, gas and petrochemical industry and include: radiation monitors, nucleonic instrumentation, process diagnostics, subsea technologies, reservoir characterisation, radiation protection, analytical services and product assurance. To find out more please check out www.tracerco.com.