Glass fibre insulation manufacturer announces it will commence a £6.5m capital expenditure programme at its Stirling manufacturing plant in March next year with completion scheduled for March 2013.
The investment is set to improve the operating efficiency of the plant and increase production capacity, with phased upgrades and modifications to existing machinery in seven different process areas. Once completed, the move has the potential to deliver annual operating cost savings of up to £3.6m, said the firm.

The funding for the capital investment programme was obtained following the recent completion of an £8m equity fundraising and a capital restructuring, which reduced the company's bank debt to £5.1m. Scottish Enterprise also awarded Superglass a Regional Selective Assistance grant of up to £2m.

Superglass ceo Alex McLeod, said "The capital expenditure programme is much needed and will substantially improve the manufacturing capability and competitiveness of our plant. We have identified a number of areas where we can upgrade our processes and equipment to deliver real operating efficiency gains and combine that with improved product quality for our customers.

"Our plant is currently operating at near to full capacity on some product lines and this investment will provide us with the ability to increase output by a further 10% once completed."