glaxosmithkline’s (GSK) Montrose site is in line for a share of a £100million investment to develop manufacturing at the factory, the company has announced.
It is part of a £500million programme of investment confirmed in the wake of yesterday’s Budget in which the UK Government said it will implement a ‘patent box’ to encourage investment in research and development and related manufacturing in the UK, by introducing a lower rate of corporation tax on profits generated from UK-owned intellectual property.
There had been hopes that Montrose would be the preferred site of the company’s new biopharmaceutical plant but the £350million facility will be sited at Ulverston in the north of England.
The £100million allocated to GSK’s Scottish operations will be divided between Montrose and its factory at Irvine in Ayrshire.
The news was welcomed today by local MP Mike Weir who said the move demonstrates the Montrose factory’s importance to GSK’s UK business.
He added: “It also demonstrates the confidence and high regard in which the factory and its workforce are held.
“This investment is of immense importance to the town of Montrose and the wider economy of Angus. Coming so soon after the announcement of a grant from the Scottish Government it shows that there is a bright future for such high end manufacturing in our local economy.”
The investment locally will enable the manufacture of key materials for GSK’s portfolio of respiratory medicines. Investment will also be made at Montrose to produce aluminium adjuvants, which are high-tech agents used in the manufacture of vaccines to help stimulate the body’s immune system. GSK is the world’s largest vaccine company and this is the first time a UK GSK site will participate in the company’s vaccine manufacturing supply chain.