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Victrex plc, a UK-based high performance polyaryletherketone (PAEK) supplier, is planning to add a major Polymer Innovation Centre in northern England.

The project investment could potentially rise to £16 million over the next 10 years. Part of the funding comes in the form of a £1.3 million in grant funding from the UK government's Regional Growth Fund.

The planned Polymer Innovation Centre will enhance R&D capacity, scaling up the commercialization of new products and applications, said the company.

"This boost from the UK government's Regional Growth Fund is great news for Victrex, in enabling our company to continue pioneering the market for high performance polymers well into the future," said David Hummel, Chief Executive of Victrex.

Victrex returned to a double-digit growth in 2014 with sales of £253 million. The company said that was a result of its strategy which focuses on high-value markets, including automotive, aerospace, electronics, energy and medical.

In 2014, Victrex invested over £15m, 6% of sales, into its R&D programs.

"Victrex is continuing to invest in cutting-edge technological leadership in advanced polymers," commented Dr John Grasmeder, Technical Director at Victrex. "The aircraft industry, for example, is now embracing newly-developed technology for major cost and weight savings combined with accelerated assembly times. That's just one example among hundreds."

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