Croda's planned £27m investment is 'vote of confidence' in Hull says Diana Johnson

By Hull Daily Mail | Posted: 20 Feb 2017

A Hull MP has welcomed the prospect of a £27m investment by chemicals business Croda International as a "vote of confidence".

Croda, one of the area's best known firms, is to launch a huge investment programme which will double its output in the city, potentially creating a mini-jobs boom.

It will be one of the largest injections of capital in Hull in recent years.

It is believed the company's Oak Road site in north Hull will benefit from the investment. Croda has its headquarters in Snaith near Goole and a business centre in Hessle.

Hull North MP Diana Johnson, who was first informed of the move last week, welcomed the news.

She told the Mail: "I'm waiting to see the final details, but I very much welcome this vote of confidence by Croda in Hull as a great place for business investment."

The investment is expected to significantly increase production of the polymer additives Croda makes, which are used by car manufacturers and plastic packaging makers.

Councillor Daren Hales, deputy leader of Hull City Council, said: "It's superb news for the city and shows once again that another big company believes we are on the up."We always said that success breeds success, and I think the confidence that has come from Siemens' investment and RB has shown what a great place Hull is to business.

"We welcome it and I think it's a real endorsement of our economic plan for the city."

The firm, which also has bases in China and the Netherlands, said it was part of a strategy of ploughing money into what it called "faster growth markets".

It is believed the investment will generate new jobs in Hull, although the company was not available for comment this weekend.

Operating as a plc, Croda already employs 850 people across East Yorkshire, and last year reported record pre-tax profits, which it attributed to "innovation" being at the forefront of its philosophy.



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