The domestic central heating radiator manufacturing business Quinn Radiators Limited (QRL) headquartered in Newport is being supported by the Welsh Government to create 120 jobs and safeguard a further 290 existing jobs in Newport.
The recently rebranded QRL Radiator Group, which purchased the Company’s world class manufacturing facility in October 2014, has now secured additional funding to strengthen its balance sheet, in order to focus on driving forward the growth of the Newport facility.
QRL is in the process of turning the business around, increasing production and exports to meet the growing market demand. Their investment is backed by a £3million commercial loan from the Welsh Government to secure the facility for Wales and create and safeguard 410 jobs.
Economy Minister Edwina Hart said: “I am delighted the Welsh Government is supporting QRL Group’s significant investment at Newport which is the largest facility of its kind in Europe.
“The QRL plant is an important local employer and the loan, which is offered on commercial terms and is repayable, will ensure manufacturing continues in Newport with plans to increase production and exports.
“I am also pleased to note that the Group will be using supplies from Tata Steel that is made in Wales for their range of radiators which can only be good news.”
The facility on Imperial Park is fitted with state of the art equipment and the two production lines have capacity to produce around 3.5 million radiators a year and the Group will be targeting the UK and European markets.
QRL Radiator Group Chairman Tony Mullins said, “We are delighted to receive Welsh Government support for the project which not only supports current and future jobs at QRL, but also exports circa 40% of its production.”
The UK radiators market is estimated to be worth £347million with Ireland, France, Belgium and Holland jointly worth £411m. The UK market saw an upturn in 2015 driven by the increase in refurbishment projects which is set to see increased demand.
Turkey is currently the single largest exporter of panel radiators to the UK and Western European markets.