Boost for manufacturing in Geelong14/09/2018
The State Government is backing a massive expansion of a world-leading Geelong manufacturer that will create hundreds of jobs and cement Victoria as a manufacturing powerhouse.
Carbon Revolution in Waurn Ponds announced the company’s $100 million expansion, which will create up to 500 new jobs.
The project will almost triple Carbon Revolution’s existing workforce and increase production capacity from 10,000 to more than 150,000 wheels a year.
A new 7,000 square-metre facility will be built beside Carbon Revolutions’ manufacturing and research and development facility at Deakin University – part of the Geelong Future Economy Precinct.
Carbon Revolution manufactures one-piece carbon fibre wheels, which are lighter, reduce noise and vibration and improve acceleration compared to metal wheels.
The company is the first manufacturer in the world of a commercialised one-piece carbon fibre wheel and it’s new facility will allow it to scale up production to meet global demand – including to supply wheels for Ferrari.Victorian manufacturing is thriving, recording 17 months of consecutive growth in the Australian Industry Group’s Performance Manufacturing Index – the longest run of expansion ever.
The growth in manufacturing is backed by $130 million in manufacturing support from Victorian Government, which is creating over 6,000 jobs and driving $1.6 billion in private investment. These form some of the 16,700 jobs that have been created in Geelong since November 2014, with unemployment down to 5 per cent from 8.1 per cent.
Victoria’s manufacturing industry contributes $27.7 billion to the State’s economy, with over 13,000 businesses employing more than 280,000 people. It also exported $18.16 billion of manufactured goods in 2016-17.