Victrex plc will build a 15 million pound ($22.7 million) polyetheretherketone composite facility and add new manufacturing capability for medical trauma plate applications in England.
The investment at its Thornton Cleveleys headquarters site will support production for PEEK composites for unidirectional tape used through its partnership with Magma Global for pipes in the oil and gas industry.
Magma's m-pipe is a high strength carbon polymer pipe which the company says is 90 percent lighter than steel in water, is stronger than steel and is durable, corrosion resistant to seawater, carbon dioxide and sour gas in addition to being flexible and spoolable.which reduces project cost.
The tape composites also are used in aerospace applications, the company said in a Dec. 9 news release.
The investments also include capital expenditure for the company's technical center in Thornton Cleveleys.
Construction at the new site will begin in early 2016 and will help Victrex research and test many of its new downstream applications, it said.
“To deliver solutions to our customers and consequently shape future performance means continued investment to drive our future growth programs," said CEO David Hummel in a statement. "This includes the technical, marketing, quality, and regulatory functions.”
The announcement came as part of Victrex's 2015 financial results, in which it announced a 4 percent rise in sales and pre-tax profits.
Sales volume in Europe of 1,852 metric tons was 4 percent ahead of the prior fiscal year, driven year by growth in automotive, aerospace and general industrial.