£7million grant will create 250 jobs

Dymag, the Chippenham-based manufacturer of carbon composite wheels for high performance cars and motorcycles, has been awarded a government grant and loan package of over £7 million.

The award will support the company’s plans for product development and mass production of what have previously been niche products that Dymag successfully commercialised over the past 17 years.

The Advanced Manufacturing Supply Chain Initiative (AMSCI) will provide Dymag with vital funding support for its new product development programme and advanced manufacturing process in collaboration with the National Composites Centre in Bristol.

Dymag is one of 20 projects across England to win funding that will help rebuild British manufacturing prowess. The award was announced by Business Secretary Vince Cable last week.

Dymag’s chief executive, Chris Shelley, said: “There was stiff competition to win this investment so I am delighted that Dymag has been successful in protecting current jobs and will potentially create over 250 new jobs over the next five years.

“We have already designed and built the next generation carbon composite car wheel that is both light and durable. Lightweight carbon composite wheels dramatically enhance vehicle handling and performance whilst cutting fuel consumption and emissions.

“BMW, Ford and several other car and motorcycle manufacturers have recently announced or are already working on carbon composite wheel programmes. Dymag is already supplying prototypes and samples to car and motorcycle manufacturers for evaluation.

“The AMSCI funding will enable us to greatly accelerate our development programme to improve the manufacturing process and ultimately mass produce high quality carbon composite wheels for the global automotive industry.

“We are now completing a financial investment round that will provide the matching funds to enable Dymag to fully utilise this grant funding, which is a key condition of the award.”

Wiltshire MP Duncan Hames welcomed the news of the Coalition Government funding for Dymag’s expansion. He said: “Advanced engineering has long been key to our area’s economic success, and will continue to be so in the future.

“I’m delighted that the Coalition Government is providing the funding Dymag needs to realise its ambitious plans which will create high quality jobs and opportunities for young engineers and apprentices in our local area, helping to build a stronger economy here.”

When the firm submitted its bid for funding in December, Duncan wrote a letter of support, along with several leading branded vehicle manufacturers urging the UK Government to provide the grant.