Automotive cooling specialist PWR Holdings’(ASX:PWH) wholly owned subsidiary, PWR Performance Products, has entered into a long-term lease of a premises at Stapylton, Queensland and has been successful in receiving an $8.78m Queensland government grant.
The grant, which is available over 10 years, will support PWR’s expansion of its manufacturing facility to the new premises.
The circa 21,000 square metre premises will undergo a purpose-design fit out and replace PWR’s existing 11,300 sq. metre manufacturing site at Ormeau.
PWR plans to invest $21.9 million in facility upgrades and new equipment over a three-year period with support from the Queensland Government’s Invested in Queensland programme.
The larger advanced manufacturing facility will enable PWR to expand further into the key industries of aerospace and defence as well as renewable energy solutions in the future.
Managing Director, Kees Weel, said the new facility, expected to be move in ready by mid-2025, will also see PWR add up to 488 new jobs over the next 10 years that will more than double its current Australian workforce.
Additionally, the 18-month fit-out phase will support about 75 jobs.
We are really pleased to have secured the new premises which is almost double the size of our Ormeau facility, giving us room to streamline the factory layout and expand our manufacturing resources and capabilities. We are excited to be building an advanced manufacturing facility that will accelerate our growth into aerospace, defence and the renewable energy sectors from right here on the Gold Coast,” Mr Weel said.
“The Invested in Queensland program has provided real incentive to re-invest in Queensland and provide hundreds of new local jobs as a result.
“We have already started designing the new factory layout which will include around 2,500 sq. m of office space, a gymnasium and of course Weely’s Diner, our in-house restaurant for our staff.”