A new £19 million fund designed at encouraging firms to create supply chains for the aerospace and automotive sectors has been launched across Merseyside.
The money has been made available in the latest round of the Advanced Manufacturing Supply Chain Initiative (AMSCI) which has been overseen by Liverpool's Local Enterprise Partnership (LEP). The scheme is divested into sub-regional categories and the Merseyside offering has also been helped along the way by three Midlands-based LEPs. It builds on the Regional Growth Fund bid that was used by all these parties in 2012 and was made available after teaming up with the Technology Strategy Board and the Department for Business, Innovation and Skills.
Liverpool Daily Post reported that this latest initiative is aimed at boosting efficiency within these sectors and also provide more supply chain jobs. One of the companies that has benefited from a scheme such as this has been NGF Europe which is part of the NSG Group, which also owns companies such as Pilkington Glass.
Using the AMSCI Fund in round one it was able to bring the production of high-strength glass fibre cord to the UK for the first time. The AMSCI money can up to £125 million and creates more competitive supply chains and in turn will also develop job creation within these sectors.
Alistair Poole, NGF Europe managing director, told the news provider: "The AMSCI money has allowed us to bring the production of high-strength glass fibre cord to the UK for the very first time ensuring that our business remains at the forefront of technological development and is able to respond to customer demands and expectations."
Officials explained that the funding is set to provide for not just the sectors where the companies are operating but also for the city of Liverpool and the wider region of Merseyside.
Alan Welby, key growth sector director for Liverpool LEP, added: “This fund will allow the City Region to further develop supply chains around successful local companies and also bring global supply back closer to the prime point of manufacture."