Anvil industries to face more competition after Brexit

ANVIL: ANVILS are set to face a tougher time competing with the likes of the Anvil Industries, which has plans to build a £20bn factory and create 250,000 jobs.

Anvil, which is in talks with the Government about buying an industrial property in Cork to expand its operations, is set to sell its UK factory and its plant in the Midlands for £8bn.

Its plans to expand in the coming years, with the company expecting to create 250 to 250,00 jobs, are expected to be announced in the next few weeks.

The company is expected to open a new £1.5bn factory in Liverpool in the second half of 2019.

It said it will use its investment in Cork as a catalyst to expand operations in Ireland and elsewhere, where the Anaval brand is well established.

Its new facility in Cork will include its new production plant and new export manufacturing facility in Liverpool, the company said.

The Cork facility will be one of the first of its kind in Europe.

It will produce its own products and will be the largest manufacturing facility of its type in Europe, with production capacity of 30,000 square metres.

The firm said it was committed to providing high quality manufacturing services to Ireland and the UK, adding that it will continue to operate in both countries.

A number of other UK based firms, including Anvil’s own manufacturing plant in Wrexham, have also indicated their intention to open factories in Ireland.

The move will also put pressure on Anvil, whose profits have fallen sharply since Brexit and will need to find new growth opportunities to stay afloat.

The news comes after Anvil was warned it would be unable to keep up with a surge in demand for its products as the UK market becomes increasingly competitive.

Its shares have slumped nearly 40% since the Brexit vote, falling below $1 per share on Monday.

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