Ineos invests £150m in Hull plant

Ineos invests £150m in Hull plant
INEOS Oxide site at Saltend, Hull.

Chemicals company Ineos is bucking the Brexit trend by investing £150 million in Hull as part of a £1 billion commitment to the UK.

The investment in Hull will see the company construct a new Vinyl Acetate Monomer (VAM) plant.

This, it said, will bring production of an important raw material back to the UK. The capacity at the site is expected to be 300,000 tonnes per year.

VAM is a key component in a wide range of important high-end products including laminated windscreens, toughened glass, adhesives, coatings, films, textiles and carbon fibre.

Founder and Chairman Sir Jim Ratcliffe said: “Ineos is a supporter of British manufacturing and this £1 billion investment underlines our confidence in our business in the UK.

“These investments will ensure that our UK assets continue to be world class for many years to come”

He added: “At an uncertain moment for the country, Ineos has confidence in its businesses and is committed to continue investing in manufacturing and high skilled jobs in the UK.”