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.
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:
- Irish company Annyalla Chicks has invested further in a 14-acre site at Butterwick near Boston, where it has opened a state-of-the-art hatchery
- American-owned Bright Lite Structures, an innovative company which works predominately in the automotive and aerospace industry, has invested 300k in new premises in Stamford. This new venture will create 17 new jobs over the next three years
- Leonardo, an Italian-owned leader in electronics warfare and education, has invested more than £2 million in a new training academy which will educate the technical specialists in cyber and electromagnetic activities
- Lincoln’s largest employer Siemens continued its growth by opening its Global Service Operation Centre and creating 19 new jobs
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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