18/12/2009

Colorite Gets £3m Investment

A new production line at Colorite Europe has been launched with support from Invest Northern Ireland.

Invest NI's Chief Executive, Alastair Hamilton, said it is part of a £3m investment which aims to enhance the company’s manufacturing capabilities.

Based in Invest NI’s Springbank Industrial Estate, Colorite Europe is a subsidiary of Tekni-Plex Europe N.V. a global manufacturer of packaging products and tubing materials for the healthcare, consumer, and food packaging industries.

Colorite Europe's west Belfast site focuses specifically on the research, development and manufacture of advanced PVC and thermoplastic compounds for the medical device industry.

Over £420,000 of support from Invest NI - including training and development assistance part funded by the European Regional Development Fund (ERDF) - has helped Colorite Europe to install a second high tech production line and support specialist training. This will assist Colorite Europe in the design and manufacture of new, technically advanced low temperature PVC compounds.
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Alastair Hamilton said: "This major investment has strengthened Colorite Europe’s market presence by further enhancing the capabilities of its world class manufacturing site in Northern Ireland.

"It will significantly increase its export capability, whilst delivering more than £260,000 of additional salaries annually into the local economy through the creation of 12 new manufacturing positions.

"The continued specialist training and development of manufacturing operatives will also ensure that Colorite benefits from improved operational efficiencies and productivity levels, factors which will help it to maintain competitiveness as it drives forward its growth plans," he commented.

Ian Kenny of Colorite Europe said: "The investment has allowed us to engage in the development and manufacture of new low temperature, underwater pelletised compounds which are a first in the industry. With the introduction of a new line dedicated to this specialist product, we expect turnover to increase by approximately £3m over the next 12-18 months.

"These new products represent major advances in technical performance and involve a highly sophisticated manufacturing process.

"This will ensure we can fully exploit lucrative new market segments in our target markets of Europe, Middle East and Asia Pacific."

(BMcC/KMcA)

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