A CENTRE for businesses working in the process industry has been established in the Tees Valley.

The Process Industries New Business Opportunity Hub, in Wilton, is a £4.5m initiative to create a tailormade incubator centre.

Managed by the Centre for Process Innovation (CPI), it aims to assist 150 small companies with growth plans, attract 50 businesses to the region, create 90 jobs and safeguard 75 others.

It will also provide process industry market sector experts to assist local businesses with market analysis, entrepreneurial skills and access to finance.

Mike Anderson, new businesses development director at the CPI, said: “This facility will bring a fully-equipped physical environment in which to nurture new businesses.

“But it’s not just about the incubator acting as a valuable anchor and focus on particular technologies.

“It’s also essential to provide high-level business support at the marketing and market sector level.

“With that in mind, we will also provide a team of sector specialists to accelerate business growth plans and assist start-up companies with market analysis, investment strategy and interim management.”

CPI received £1.73m part finance from the European Regional Development Fund 2007-13, and £780,000 from regional development agency One North East for the project, with the remaining £2m needed sourced from the private sector.

For further information, call the CPI on 01642-455340 or visit uk-cpi.com