MORE than 130 North East jobs will be created by an investment package worth more than £17m.
Businesses in Northumberland, North Tyneside and Gateshead will benefit from the money, which includes nearly £2m of Government support approved by the Regional Growth Fund (RGF).
The money also secures around 50 further jobs.
The bid was developed by Northumberland County Council and Tyne & Wear Development Company, working together with the companies.
The grant from the RGF unlocks more than £15m investment from five companies which will be used to support growth plans. Leading companies in the healthcare, life sciences, advanced manufacturing and engineering sectors will now use the cash to boost international trade.
The companies are Aesica Pharmaceuticals Ltd at Cramlington, Piramal Healthcare UK Ltd at Morpeth, Precision Hydraulic Cylinders (UK) Ltd at Cramlington, Rettig (UK) Ltd at Team Valley and Shasun Pharma Solutions Ltd at Dudley.
Paul Buie, manager of Tyne & Wear Development Company, said: “We are delighted that our collaborative approach has been so successful.
“Pooling our efforts shows just how effective partnership working among local business support agencies can be and how the region can benefit from an integrated approach to economic development activities.”
Putting the bids together in a packaged approach ensured that the combined application was above the minimum RGF grant threshold.
Piramal Healthcare will use the grant to create 46 jobs and accelerate the site’s growth.
The company is one of the world’s leading pharmaceutical contract development and manufacturing organisations. The site specialises in the manufacture of pharmaceutical ingredients and clinical trial supplies with the vast majority of production exported to more than 100 countries worldwide.
And Precision Hydraulic Cylinders (UK) Ltd will use the support to help create 25 jobs.
Managing director Robert Scott said: “The grant will help us to extend our existing factory, increase productive capacity and introduce some new capabilities on site. Once again, the help and support we have received from Northumberland County Council has been greatly appreciated.”
The multi-million pound project could lead to the creation of up to 29 jobs at the site of Shasun Pharma Solutions in Dudley, North Tyneside.
The company carries out research and manufacturing for many of the world’s leading drug companies. In conjunction with one of those clients, it plans to develop and manufacture a pioneering pharmaceutical ingredient used in the treatment of Alzheimer’s disease.
Radiator manufacturer Rettig of Team Valley, Gateshead, producer of Myson Radiators, intends to expand production in 2012.
The investment will help to secure the members of the existing workforce and also create a number of jobs during the course of the year.