PROJECTS supporting the manufacturing sector and the automotive industry in particular are the main beneficiaries of the latest round of the Government’s Regional Growth Fund settlement for the West Midlands.
The Government has allocated £124m in its Round Three settlement for the region. The funding, which is set to pave the way for around £1,300m of investment from the private sector, is split between 16 projects and is set to either create or safeguard almost 44,000 jobs.
Cab Automotive in Tipton has won backing for its project to acquire a freehold on its manufacturing facility, while Wolverhampton’s Turner Powertrain Systems has been selected because of its expansion plans, which involve the construction of a new factory.
Automotive heavyweights Jaguar and Aston Martin share in six of the projects. For Jaguar, the funding is being used to support continued expansion of production and the upskilling of workers, while for Aston Martin, much of the money will be designated for the development of new models and a more fuel efficient engine.
In Sandwell there will be a programme to administer grants to companies primarily involved in the advanced manufacturing sector.
Elsewhere, University of Wolverhampton has secured backing for a scheme to provide grant funding to SMEs.