INEOS is to invest £150 million into a Vinyl Acetate Monomer plant in Hull as part of a £1 billion UK-wide investment plan.
This will bring an important raw material back to the UK, with an expected capacity at the plant of 300,000 tonnes per year.
VAM is a key component in a wide range of important high-end products including laminated windscreens, toughened glass, adhesives, coatings, films, textiles and carbon fibre.
Graham Beesley, CEO of INEOS Oxide, said: “This is an exciting time for INEOS and great news for manufacturing in the region. We are proud to be bringing production of this important material back to the UK. This will not only strengthen UK manufacturing but boost exports from the UK to Europe and the rest of the world.”
The £1 billion investment will also include a £500 million investment into the North Sea oil and gas artery, and a £350 million investment into a new energy plant at Grangemouth.