Deputy Prime Minister, Nick Clegg visited precision valve manufacturer HydraForce yesterday to sign an historic growth deal for Birmingham which will bring more than £357m of investment to the region.
The growth deal is hoped to deliver at least 13,000 jobs, allow up to 4,000 homes to be built and up-skill 7,633 by 2021, as well as generating up to £80m in public and private investment.
A supplier to agricultural and construction markets across Europe, HydraForce UK received an award of over £1.8m from the Government’s Regional Growth Fund towards its £17m investment in a brand new factory, currently being built in Birmingham.
Turning over £53m last year, HydraForce’s new 120,000 sqft factory at Birmingham’s Advanced Manufacturing Hub is on track to be completed by mid-2015, creating and safeguarding almost 200 long term jobs, while generating upwards of a hundred jobs in HydraForce’s supply chain.
The Deputy PM said: “Growth Deals are about local areas leading their own growth, giving more power to people in the regions so we work together to build a strong economy and a fairer society.
“I was impressed with HydraForce’s ambitious plans to double its turnover and significantly increase its UK workforce. This US company has been in Birmingham for over a quarter of a century and this investment is securing its future in the Midlands.”
HydraForce, which currently employs 280 at its European headquarters at Aston, Birmingham is building the new factory in response to a huge increase in demand for its products.
Its new building will expand its manufacturing facility by 70,000 sqft and allow the company to bring the manufacturing of more of its products over to the UK from its US parent company.
The move also sees HydraForce become the inaugural tenant of the Advanced Manufacturing Hub, one of six economic zones in Birmingham. The zones: advanced manufacturing; business & professional services; creative & digital media; life sciences; food & drink; IT, electronics & communications (ITEC) aim to provide growth environments for key sectors.