July 26, 2019 3.44 pm This story is over 57 months old

Foreign investment into Greater Lincolnshire triples in a year

It has also created almost 400 new jobs

Investment in Greater Lincolnshire by foreign companies more than tripled in a year and created almost 400 new jobs.

Foreign-owned companies invested £456,280,000 into Greater Lincolnshire in 2018/2019, which is an increase of more than 200% on the previous year, according to figures released by the Department for International Trade (DIT).

The area has also maintained a healthy number of new jobs generated by foreign direct investment (FDI)

Twenty separate investments were made in Greater Lincolnshire, which was 25% higher than the previous year. Investments came from all over the world, including Brazil, Japan and South Africa. Eight were from companies owned in the USA or Germany.

Through these investments 392 new jobs were created and 37 were safeguarded.

The number of mergers and acquisitions by foreign-owned firms also rose to its highest level since 2014/15, including PepsiCo’s investment into Pipers Crisps, Hewlett Packard acquiring Apogee and Quotient Technology’s purchase of Elevaate.

Bright Lite Structures’ new Stamford premises.

Investing businesses

Businesses that have invested in Greater Lincolnshire in the past year are predominately in the agrifood, advanced manufacturing and renewables sectors. They included the following:

The city’s largest employer Siemens has opened its Global Service Operation Centre in Lincoln.

Leonardo’s £2 million training academy, which will educate specialists in cyber and electromagnetic activities.

Several of the investments were supported by the Greater Lincolnshire Local Enterprise Partnership. Although parts of the Midlands Engine experienced a reduction in the number of projects and new jobs created, Greater Lincolnshire is one of the few areas to have bucked the UK trend with a growth.

Ursula Lidbetter OBE, Chair of the Greater Lincolnshire LEP, said: “These latest results from DIT represent a huge vote of confidence and optimism in Greater Lincolnshire. They indicate significant progress in Greater Lincolnshire’s own objective of boosting economic performance.

“Innovative, ambitious firms from across the world are choosing to locate and expand here, citing the area’s accessibility, talent pool, affordable space and vibrant business community.

“Through investment into key redevelopment projects, regeneration schemes and Team Lincolnshire, we are building a Greater Lincolnshire where people and businesses can thrive.

“I am particularly pleased to see private-sector investment into agri-food, advanced manufacturing and the clean growth sector from the Humber to the Wash.”

Greater Lincolnshire LEP  is also currently working with more than 90 foreign-owned businesses and helping companies with their expansion plans.

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