South West Wales businesses to expand with nearly £4 million in Welsh Government and European funding support
WELSH Government and European funding of nearly £4 million is helping two South West Wales businesses expand and future proof their operations, Economy Minister Vaughan Gething has announced.
Wall Colmonoy Limited (UK) which specialises in the manufacture of high performance alloy metals, will use nearly £150k of Welsh Government support as part of its wider investment in upgrading its casting, manufacturing, engineering and design plant.
The investment will help the Pontardawe-based business, which employs more than 200 staff, remain competitively viable and will ensure increased job security, with the improvements in Wall Colmonoy’s castings facility further reducing their footprint on the environment.
Speaking of the investment from the Economy Futures Fund, Robert Davies, Managing Director of Wall Colmonoy Limited (UK), said: “The latest investment safeguards the employment of highly skilled jobs at Wall Colmonoy’s European Headquarters in Pontardawe; ensures the facility meets environmental best practices and improves our capacity and capability.
“The investment puts us on the leading edge of cast alloy melting technology and helps us facilitate our drive for innovative growth to meet the increase in global demand for our castings. It also provides long-term security of all employees and the local community. We’re proud of our close relationship with the Welsh Government and thank them for their continued support over the past fifty years.”
SevenOaks Modular, in Neath, is also expanding its offsite manufacturing facility, for the production of houses, panel systems and roof trusses for the construction sector.
It is receiving more than £900,000 in a Property Business Development Grant through the European Union’s European Regional Development Fund programme to help regenerate part of the old “Metal Box” manufacturing facility based in Neath. This will significantly increase its production capacity. Further, loan funding support provided through the Welsh Governments Innovative Housing Programme to Tai Tarian Housing Association worth £2.8 million is facilitating investment in plant and machinery for the business via a partnership with the housing association. This will enable the Seven Oaks business to build and produce more social homes in an offsite environment.
The project supports a number of key Welsh Government aims, including building more homes, decarbonisation and the circular economy. It will also give under-represented groups access to training and employment.
Speaking on a visit to both businesses, Economy Minister Vaughan Gething said: “This government is committed to backing Welsh business and as we emerge from the Coronavirus pandemic one of my priorities is to kickstart Wales’ economic recovery, ensuring it becomes an engine for sustainable, green growth.
“SevenOaks Modular is a well-established company anchored in the local community. They are an important employer in the region, and I am delighted our support will help them to grow their business and further their decarbonisation ambitions.
“We also remain absolutely committed to supporting businesses like Wall Colmonoy Limited (UK) to innovate and make maximum use of cutting edge technology. This will continue to be key as we rebuild and reconstruct the Welsh economy post pandemic.
“Our aim is to build a fairer, greener and more prosperous Wales and our support for these two thriving companies is further demonstration of that. It will protect quality jobs being lost from the South West Wales region and provide a vital boost to the local economy at what continues to be an incredibly challenging time.”