US firm given almost £14m to create centre of excellence in Greenock

An American firm that took over a Greenock factory has been awarded almost #14 million of public cash to help create a centre of excellence at the site.

First Minister Nicola Sturgeon confirmed US-based semiconductor manufacturer Diodes is to receive £13.7 million of funding from Scottish Enterprise.

The money will go towards a £47 million project aimed at growing its business in Inverclyde.

Tim Monaghan, the company's European president, said it was looking to establish a "centre of process development excellence".

Diodes acquired the former Texas Instruments business in April 2019, safeguarding all 300 jobs there, in a deal that was brokered by Scottish Enterprise, the Scottish Government and Inverclyde Council.

Ms Sturgeon, who visited GFAB, the firm's wafer fabrication facility, said: "Almost £14 million from Scottish Enterprise will help Diodes advance their research, develop new processes and products and make their systems more efficient and effective.

"The Scottish Enterprise funding reinforces Inverclyde's prominence as an important area for manufacturing and business.

"I applaud Diodes' faith in its Greenock workforce."

The bulk of the cash consists of a £12 million research and development grant to help with a five-year project to develop more technologically-advanced transistors.

Scottish Enterprise is also providing £1.7 million towards a #3.4 million training programme for workers to help with this, while Diodes has also been awarded #169,500 from Inverclyde Council to go towards the development of the Greenock site.

Tim Monaghan, Diodes' European president said: "We were very pleased to welcome the First Minister to GFAB and to show her the advances that have been made since Diodes' acquisition of the plant.

"GFAB has a long-standing and highly valued relationship with Scottish Enterprise and we look forward to this continuing."

He added: "With Diodes' expertise, the high calibre of the GFAB workforce and support from Scottish Enterprise, I am excited by the opportunity we are creating to progress even further, building on our manufacturing capabilities to create a centre of process development excellence in GFAB."

Steve Dunlop,the chief executive of Scottish Enterprise, said: "Following the positive announcement earlier this year that Diodes had acquired the business, safeguarding these 300 jobs in Greenock, it's great to see the company now planning for its long-term future in the town.

"By investing in its people and developing leading-edge technologies it will ensure it stays at the forefront of its industry as well as remaining an integral part of the local community.

"We look forward to working closely with the company as it continues on this growth journey."

Inverclyde Council leader Stephen McCabe said: "Diodes' continued success and investment in Greenock shows that high-quality jobs of high value to the Scottish economy are very much part of our business offer here in Inverclyde.

"This welcome investment from Scottish Enterprise and the council's own contribution to support development at the site will make a real difference in further improvements and shows that when local and national government and the national agencies work together we can deliver."

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