An expansion to globally successful Saltash-based business Spinnaker International has been approved for almost £200k of ERDF (European Regional Development Fund) Convergence investment.
Spinnaker International has played a lead role in the development and manufacture of cash protection systems for the Cash in Transit (CIT) industry on an international level. It was established in 1985 and now has contracts in more than 20 countries.
The investment – part of a project worth almost half a million pounds – will provide extra 743 square metres of high quality office and industrial space within an existing factory. It is estimated that this expansion will lead to the creation of 15 full time jobs. The new space will also enable Spinnaker International to deliver vital new contracts.
Tony Westington, managing director of Spinnaker, said: “This expansion is the most significant we have seen in the company’s history and has come about through the need to install new production lines to feed greater demand for newly developed products.
“We have performed very well against our competitors in Europe and we hope to increase output further with the completion of the extension to our existing facility. The Convergence funding has allowed us to expand more rapidly than we would otherwise have done and our future plans aim to bring more work to this area.”
Carleen Kelemen, Director of the Convergence Partnership Office for Cornwall and the Isles of Scilly, added: “This ERDF Convergence investment is supporting a well established and globally competitive business with the will to carry out continuing research and development and expand.”