By a Newsnet reporter
Enterprise Minister Fergus Ewing has today announced £2 million pounds Regional Selective Assistance (RSA) funding which will help safeguard 187 jobs at Superglass Insulation in Stirling.
The company is a major supplier of glass wool insulation products for the construction industry and the funds will, according to the firm’s Chief Executive Alex McLeod, allow it to reinvest.
Mr Ewing, the MSP for Inverness East, Nairn and Lochaber, described the funding as evidence of the Scottish government’s commitment to local businesses.
“I am delighted that this funding will further secure the jobs of 187 employees, as well as ensure the continued future success of a major company in the Forth Valley area.
“The Scottish Government and Scottish Enterprise are working hard to promote Scotland as an attractive and competitive location to do business.
“Many international businesses have announced major investments in Scotland in recent months, including Avaloq, Dell, Gamesa, Amazon and Doosan Power Systems. These investments are testament to the quality of workforce, skills and infrastructure that we have in Scotland – and with the full financial and economic powers of independence, we could achieve even more.”
Alex McLeod, Chief Executive of Superglass said he was delighted with the support and added:
“This award reaffirms the Scottish Government and Scottish Enterprise’s commitment to the Scottish manufacturing sector.
“It will, when combined with the support we have received from investors and Clydesdale Bank, enable Superglass to implement a capital investment programme at our Stirling manufacturing plant which will improve our operational efficiency and competitive position, while creating and safeguarding jobs.”
Lena Wilson, the chief executive of Scottish Enterprise praised the company’s determination and said that RSA was a vital tool in helping Scotland’s small indigenous firms expand.
Ms Wilson said:
“RSA is a key tool we use to help home-grown companies expand and grow in Scotland and to help investors companies locate here. By doing so we can help create more jobs, ultimately boosting the long-term recovery of the Scottish economy.
Superglass began manufacturing at its Stirling site in 1987 and is a major supplier of glass wool insulation products for the construction industry, a key product in meeting the government’s continuing legislative programme for improved energy efficiency and noise control in buildings.
Regional Selective Assistance (RSA) is the main national scheme of financial assistance to industry, and is administered by Scottish Enterprise.
The scheme provides discretionary grants to investment projects that will create and safeguard employment in areas designated for regional aid under European Community law. Payment of RSA is made in instalments, typically over several years as job and capital expenditure targets are met.
Over the past year, Regional Selective Assistance (RSA) has supported the creation of more than 7,000 jobs and delivered £234 million of investment into Scotland’s economy.