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Global medical technology business Smith+Nephew has announced that it is building a new research and development and manufacturing facility for its Advanced Wound Management franchise in Hull.

The company is investing over $100 million (£81.1 million) in the new facility which is expected to support more than $10 billion (£8.1 billion) of sales in its first ten years of operation. The development will also be supported by a grant from the UK Government.

Simon Fraser, President of Advanced Wound Management, Smith+Nephew, said: “This major investment demonstrates our commitment to the UK and to building our leadership in Advanced Wound Management. Our vision is for a world-class working environment that encourages innovation and collaboration to deliver next-generation products that improve the standard of care for the NHS and customers around the world. Smith+Nephew was founded in Hull in 1856 and we are proud to make this major investment in the region for future generations.”

The new site, which is expected to open in 2024. will be at Melton West business park, approximately eight miles from Smith+Nephew's current Hull site, which it will replace after more than 100 years in the location.

Lord Kamall, Minister for Innovation, added: “Life sciences are crucial to transforming our health service and ensure the NHS is able to deliver world-class care. Coupled with health research, it has been vital in our fight against Covid and in saving thousands of lives through the rapid creation of vaccines and identifying life-saving treatments like dexamethasone."

“Smith+Nephew's new R&D base will ensure the UK remains at the forefront of life sciences and innovative research, levelling up the health of our nation, tackling disparities and saving lives.”

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