Cinderford factory Versarien floated on stock exchange - up to 50 new jobs created
MULTI-MILLION pound expansion plans at a Cinderford engineering firm could "kick things off" for regeneration in the town.
That is according to Cinderford mayor Max Coborn after hearing of Versarien's plans to expand its operation to the tune of £2.3m, potentially creating 50 new jobs.
The Forest of Dean engineering firm, which makes advanced engineering materials, will trade on the Alternative Investment Market (AIM) of the London Stock Exchange where it is expected to be valued at £12m.
The funds raised by its shares will enable it to go ahead with the £2.3m takeover of Total Carbide Limited, a long-established advanced materials company, to rapidly expand its operation.
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At present the firm employs 11 people in the Forest of Dean but the deal will boost the total workforce to 60 with the prospects of more jobs.
Mr Coborn said: "This is great news for the town. The parish council has worked closely with Versarien, who are an excellent company, since the start of this project 18 months ago.
"This is a big part of the regeneration here and hopefully it will kick things off."
Versarien won The Citizen and Echo 2012 Business Awards category for Business Innovation and the company said it helped raise its profile in the business world.
Neill Ricketts, chief executive officer, said: "Listing the group on AIM will increase the profile of Versarien and will also provide the group with the capital for its next phase of development."
â See BusinessWeek tomorrow.