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[January 2002]
Eriez Awarded Grant for Major Expansion Project
Eriez Magnetics Europe, a major supplier to the ceramic processing industries, has been successful in claiming payment of the second and final instalments of a grant from the Welsh Assembly Government. The company applied for Regional Selective Assistance of up to £84,000 under Section 7 of the Industrial Development Act 1982 to help implement a project to manufacture superconducting magnets and sampling equipment at the company's site on Bedwas House Industrial Estate, Bedwas, Caerphilly in South Wales.The project involved a total capital expenditure on fixed assets of over £500,000 and the creation of 28 permanent full-time jobs and 1 permanent part-time job at the premises. The offer letter from the Welsh Assembly Government indicated that payment would be made in three equal instalments over a period of three years. Eriez was successful in creating the specified number of jobs in less than the time allocated. Accordingly, the company was able to draw down the third instalment along with the second instalment.
Welsh First Minister Rhodri Morgan said: "The Welsh Assembly Government is delighted to have been party to Eriez's success in completing the expansion programme at its manufacturing facility in Bedwas ahead of schedule. The Regional Selective Assistance is our primary tool for granting financial aid to business in Wales and this is an excellent example of how we can work in partnership with the private sector. The creation of 29 new jobs in Bedwas is welcome news and will assist in the regeneration of the local economy".
ENDS