Sumitomo Electric

Assembly Line

🇬🇧 Funding agreed to secure £350 million inward investment project

📅 Date:

🔖 Topics: Funding Event

🏢 Organizations: Sumitomo Electric

A funding package has been agreed to secure an estimated £350 million inward investment project for Scotland from Sumitomo Electric UK Power Cables Ltd (SEUK), a subsidiary of Japanese company Sumitomo Electric Industries Ltd (SEI). Now the Scottish Government, along with Highlands and Islands Enterprise (HIE) and Scottish Enterprise, have approved up to £24.5 million in public sector support to secure the project. This comprises £19.37 million in Scottish Government funding, £4.6 million from HIE and £530,000 from Scottish Enterprise.

The £25.4 million in funding will support the project as it begins to invest in its plant and equipment, construction of a new purpose-built factory, and long-term land leasing and associated costs.

Read more at Scottish Development International