£1.5m investment to create new jobs at Eye-based Permastore
- Credit: Archant
Suffolk tank and silo manufacturer Permastore is to create up to 60 new jobs through a £1.5million investment in a new production line.
Permastore, which is based at Eye, is a world leader in the glass-fused-to-steel construction method and has now secured a multi-million pound funding package from Santander Corporate & Commercial for a growth programme which aims to achieve a 30% increase in orders by the end of next year.
The funding package, the exact value of which has not been disclosed, will be used in part to install a new dedicated epoxy production line, building upon the company’s existing vitreous enamel production facility.
Permastore already has a workforce of more than 230 and the expansion will initially see the creation of around 20 additional jobs, with the total expected to rise to 60 in the future.
Brian Quarendon, chief executive at Permastore, said: “Permastore is the largest manufacturing company headquartered in Suffolk and therefore has a key role to play within the region.
“With the additional capacity that this new epoxy production facility will provide, orders are forecast to increase by 30% on last year’s figures. The support from Santander has been fundamental to our success.”
Richard Hughes, relationship director, Santander Corporate & Commercial, said: “Permastore is one of the UK’s manufacturing and export success stories.
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“The management team has a clear vision for growth, with regards to products and new markets, and we are delighted to be able to support the firm invest for the future.”
Permastore was established in 1959 and opened its present, custom-built, facility in Eye in 1977.
Over the years the company has supplied more than 300,000 structured to customers in more than 110 countries, with exports accounting for more than 75% of its output.
In addition to its internationally-recognised expertise in glass-fused-to-steel tanks and silos, Permastore has also supplied the world’s widest-diameter glass-fused-to-steel external beam roof for a potable water project in Asia and has secured orders for some of the largest diameter geodesic dome roofs for a potable water project in the Americas.