A plastic recycling firm in the region is set to expand its operations over the next five years which will see dozens of new jobs created.
GFSL, which focuses on buying and selling scrap plastic, has become the latest occupier at the multi-let Wilton International business park owned by Independent Investments after taking the vacant 84,172 sq ft building.
The firm invested in £2.2m worth of recycling machinery last year which means the plant can now process up to 20,000 tonnes of plastics per year.
Michael Massey, director at GFSL, said: “We have already created 17 new jobs and hope to create up to 10 more new roles next year.
“We are still in phase one of the project, however by mid-2015 we aim to ramp up production to around 100,000 tonnes per year.”
Tees Valley-based chartered surveyors, Sanderson Weatherall, completed the deal which now means there is only 35,000 sq ft remaining on the 200,000 sq ft business park.
Massey added that the firm could potentially invest in another site over the next few years.
The Wilton site, which was formerly owned and occupied by Hertel, was sold as a sale and lease back to Independent Investments in April 2013.
The deal at the time saw Hertel subsidiary, Hertel Valve and Rotating Services commit its long-term future to Wilton by taking a lease on 72,000 sq ft of the site.
Originally formed as an agricultural supplies company by Lance Newton in 1998, GFSL redirected its focus away from agriculture and into the trading of scrap plastics both nationally and internationally in 2010.
The firm has since experienced rapid growth and now buys scrap plastics from waste management and recycling companies and offers a plastic recycling equipment - both nationally and internationally.
Massey added: “We attended a trade show in Turkey which brought us new customers.”
The Teesside building has been transformed into a scrap plastics reprocessing facility comprising a large-scale fabrication workshop with 1.9 acres of storage.
The scrap plastic trading arm of the firm is expected to see continued growth with strong links into domestic and export markets.
Massey said: “We are delighted to have secured the property at Wilton. Since moving in we have secured an excellent workforce from the Redcar and Cleveland area.”
Jonathan Simpson, partner at Sanderson Weatherall, said: “This latest letting highlights the growing interest in Wilton as one of the region’s major industrial locations with such large presences as GFSL, Sembcorp, Hertel and Sabic all occupying significant space at Wilton.”