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Friday 29 July 2011

Cumbria in running for new GSK plant

Cumbria in running for new GSK plant 


Pharmaceuticals giant GlaxoSmithKline (GSK) could bring new jobs and investment to Cumbria after confirming it will build a new manufacturing plant in the UK.



The company has said that preference for its new biopharmaceuticals plant will go to one of three existing operations, including its site in Ulverston. The other proposed locations for the plant are Montrose, Scotland, or its Barnard Castle factory in County Durham.



The news follows the coalition government’s proposals to create a ‘patent box’ to encourage research, development and related manufacturing in the UK, spurring GSK on to pledge £500m to UK manufacturing projects.



The company said a 10 per cent reduction in corporation tax on profits generated from UK-owned intellectual property will allow the company to develop new technology, build new facilities and invest in fledgling companies.



Chief executive Andrew Witty added: “This will enable us to increase investment in communities where we have existing facilities by scaling up current manufacturing and building a significant new plant.



“With a more IP-friendly environment, we also plan to launch a new UK venture capital fund and invest in new technologies such as green chemistry.”



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