The company states that this investment is intended to support the successful UK business built up over the last 40 years and shows a commitment to the UK site for the future.

In July, Italy's Polynt Group announced plans to acquire CCP Composites from French chemicals company Total.

Stallingborough is capable of manufacturing and supplying the full range of CCP Composites products, including unsaturated polyester resin, gel-coats, bonding pastes and vinyl ester resins. Low-styrene, styrene-free and bio-based products are also available.

The company says new mixing vessels and storage tanks will help to increase capacity, improve flexibility and maintain high levels of customer service.