Reckitt Benckiser is to invest £100 million in Hull.
The invesment plans to create a state of the art Centre of Scientific Excellence which will secure over 1200 jobs.
The news was made as part of the Chancellor George Osborne's visit to RB plc’s site in Hull.
He said that he would like to see the centre integrate with schools, colleges and universities across the city. Plans are already in place to contract the construction of the centre to local businesses.
Describing the region as a 'Northern Powerhouse', he suggests that the plans will also benefit the region by making it a desirable place for other firms to invest.
The project is supported by a £6m grant from the UK Regional Development Fund which will create a major new building on the site equipped with state of the art consumer health laboratory facilities.
The investment will also develop the existing buildings to create a modern meeting and office environment designed to encourage innovation and discussion.
With the plans already well underway, construction will start early in 2015 with the aim to open the centre in 2018.
George Osborne said:
“RB plc is a great British success story and their decision to invest in the UK is testament to the steps this government has taken to make Britain open for business. A key part of our long term economic plan is making the UK a world leader in science and innovation, and the new state of the art Centre of Scientific Excellence will help us deliver this, giving greater economic security for hardworking people."
The CEO for RB, Rakesh Kapoor, said:
“Growing our global consumer health business is at the heart of our vision to provide innovative solutions for healthier lives and happier homes. It not only shows the importance we place on innovation, but also underlines our faith in the UK as a place to invest in technical expertise and in consumer health R&D.”