(Adds GWU's reaction)

Stainless Steel Products Limited is investing €350,000 in new technology and tooling, creating 30 new jobs.

The company, a member of Jacuzzi UK Group plc, employs 100 full-time workers. A few months ago, it received government support to mitigate the impact of the international crisis and return to a five-day week.

This investment was annouced this morning by the managing director of Jacuzzi UK Group plc Mark Prince, during a visit by Finance Minister Tonio Fenech.

Like many other exporting firms Stainless Steel Products Limited was not spared the effects of the international recession and in 2008 and 2009 experienced a sharp drop in demand for products.

Following the intervention of the taskforce that had been set up by the Finance MInistry and the resultant assistance provided by Malta Enterprise, the company invested 400,00 euros in tooling and machinery to make products that were being sourced from China.

By enhancing the automation of the process required for production, the company will be producing sinks of a higher quality at a cost comparable to China’s and offering better customer service.

ME and Stainless Steel now agreed on a further investment of €350,000.

Minister Tonio Fenech defined the Stainless Steel experience as a “success story”.

Despite the order book suffering the impact of an international recession, the joint efforts of the company that sought new opportunities together with the government’s support, saved jobs and created new ones.

In a statement, the GWU welcomed the new investment which would lead to the creation of new jobs.

It said it was pleased that the Finance MInistry had taken up its suggestions to widen the assistance to industries in difficulties.

It said that now that companies were recovering, the government should ensure that it did not burden them unnecessarily.