TSB said in a statement that it will be investing £140m over six years to stimulate manufacturing in the UK, reduce the risk of innovation for new and established UK manufacturing businesses and attract international business to the UK.
The centre will bring together seven institutions to better support UK manufacturing, including the Warwick Manufacturing Group, Strathclyde University’s Advanced Forming Research Centre, and Bristol University’s National Composites Centre.
By incorporating the seven institutions, the HVM Technology and Innovation Centre is expected to support a number of different industries, including pharmaceuticals and biotechnology, food and beverages, healthcare, aerospace, automotive, energy, chemicals and electronics.
Direct contracts with UK business will form part of the overall funding for the centre, which will also be positioned to secure funding from research and development (R&D) grants, including EU funding.
Iain Gray, chief executive of the Technology Strategy Board, said: ‘The future of manufacturing in the UK needs to be high value, delivering strong financial performance, strategic importance, and positive social impact.
‘The UK has some of the best manufacturing businesses in the world, the industry accounts for 12 per cent of GDP, around half of exports and in 2010 employed 2.5 million people in the UK.
‘The centre will help UK businesses stay at the leading edge of manufacturing technology and create and protect jobs long into the future.’
The centre is the first of at least six technology and innovation centres to be established by April 2013.
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