Magma Global is delighted to announce further expansion plans for its Trafalgar Wharf production facility based in Portsmouth UK. The facility currently employs 150 staff in the production of large high value carbon fibre structures for the Marine and for the Subsea Oil and Gas industries. Magma will develop a further 5.5 acres of the Trafalgar Wharf site to expand its carbon fibre pipe production capability for the Oil and Gas market.
Magma has recently been successful in its application for funding from the Government’s Regional Growth Fund (Round 3), which will support this expansion and contribute £2.25m to the investment.
Martin Jones Magma’s CEO comments:
“Our carbon fibre pipes for oil and gas exploration and production are unique and combine the most advanced materials and production processes in the world today. We are becoming established within the Global oil industry as a supplier to offshore developments in many areas such as Angola and the Gulf of Mexico. This expansion of our manufacturing facilities anchors our production in Portsmouth and will result in a further 100 jobs in the foreseeable future.”
Business Secretary Vince Cable said:
“This is an important time to be focusing our support on new growth and employment opportunities in Portsmouth. The Regional Growth Fund – our flagship programme to create private sector jobs outside of London - will help Magma Global to strengthen its operations in the international oil and gas market and create more high skilled long-term jobs for the local area.
“Oil and gas is priority sector for growth in the UK. And my department’s plan to shape long term growth through our industrial strategy is giving business the confidence it needs to invest in the long-term, helping to build a stronger economy and well paid jobs.”
Business and Energy Minister Michael Fallon said:
“This investment by Magma Global and the government will create 100 new skilled jobs and is encouraging news for Portsmouth. The Regional Growth Fund is helping businesses all over the country to boost growth, create jobs in key sectors and build a stronger economy.”
ABOUT THE REGIONAL GROWTH FUND
The Regional Growth Fund is a £3.2 billion fund designed to help companies in England to grow. So far £2.6 billion of funding has been allocated to support projects and programmes committed to deliver sustainable jobs and economic growth. Round 5 opened on 11 October and will close on 9 December. For more information, please go to www.bis.gov.uk/rgf