Cable makes a spalsh in Nottingham1 June 2012
Business secretary Vince Cable has visited Speedo's headquarters in Nottingham to see how the near-£90m turnover business develops its swimwear.
Cable toured the company's global research and development facility, Aqualab, to see how Speedo designs it swimwear and equipment, including those worn by athletes such as swimmer Rebecca Adlington. He will also heard about the contribution Speedo makes to the local economy and the impact it has on jobs in the area.
The business secretary also visited Nottingham University Innovation Centre to learn more about university and private-sector collaboration with companies such as GlaxoSmithKline Carbon Neutral Laboratory for Sustainable Chemistry, Ordnance Survey and technology company e2v, which has received £6.25m from the Regional Growth Fund and has licensed technology from the innovation centre.
Cable said: "Nottingham is clearly a place for innovative businesses and individuals to thrive and that's thanks to the investment firms and universities are prepared to put into researching new products and design.
"Speedo is a world leader in swimwear products and is using cutting-edge technology, as well as first-class skills, to ensure it remains at the forefront of its industry. And with centres such as Nottingham University's Innovation Centre creating a space for the research base and business to come together in partnership, Nottingham is a place for companies and ideas to thrive and grow."
Cable also announced on his visit to the city that the Engineering and Physical Sciences Research Council (EPSRC) and GlaxoSmithKline are to jointly fund a new chair in sustainable chemistry, who will be based in the planned carbon neutral laboratory for sustainable chemistry at the University of Nottingham.
EPSRC funding of £670,000 for a new photoelectron spectrometer which will give accurate measurements of liquids - the first of its kind in the UK - was also revealed.
Speedo International, which is based in Ng2 Business Park in the city, made a pre-tax profit of £18.8m in the year to 31 December 2010 on sales of £87.3m.