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Prime Minister David Cameron has hailed Wiltshire-headquartered Dyson as a “great British success story” as the engineering giant committed to a £1.5bn investment in future technology.
The money includes £1bn for the research and development of new product technologies. Dyson is developing four new portfolios of technology and is planning to launch 100 products around the world in the next four years.
A £250m UK technology campus in Malmesbury is also included in the commitment along with a £200m manufacturing expansion in South East Asia and £50m investment in British Universities over the next four years.
Founder and chairman James Dyson said: “Our growth is fuelled by technology and we are thinking long-term. About 90 per cent of our technology is sold abroad, we’re quickly growing across Asia, and it’s phenomenal to think that we are now number one in the home of technology – Japan. It is like selling coal to Newcastle.
“But we must relentlessly invent – that’s why we are investing in our research footprint here in the UK and investing in our manufacturing capabilities in South East Asia.”
David Cameron added: “Dyson is a great British success story and the expansion of the Malmesbury campus will create thousands of new jobs, providing a real boost to the local economy and financial security for more hardworking families.”
The news comes as work begins on the first phase of a £250m campus expansion in Malmesbury, which Dyson claims will create up to 3,000 jobs.
The first new research building, set to open in early 2016, will house laboratories for research and development into future technologies.
Dyson secured planning permission for the expansion of its R&D laboratories in Wiltshire in June (2014).