A Thornton company is set to secure £1.3m to make the area a world class centre of research and development in the plastic industry.
Victrex, which produces specialist polymers for a variety of industries, said the money from the Regional Growth Fund (RGF) will create 80 new jobs in the area.
It will be used to build a Polymer Innovation Centre at Hillhouse to keep the company at the forefront of high performance plastics technology.
The announcement came alongside the £2.5m RGF grant for the Fleetwood Fish Park which will allow energy firm Reform Energy build a power plant and energy recovery plant and create 40 jobs.
The company said the funding, together with Victrex’s own investment, will enable Victrex to extend its existing research and development capability and to support future growth. It will enable the scaling up of new lab concept products and applications to full commercialisation for customers around the world.
David Hummel, chief executive, said: “This is great news for Victrex, our employees and for the region, as well as the UK, in enabling our company to continue pioneering the market for high performance polymers well into the future.
“Our past success and our future prosperity is founded on technical excellence and manufacturing capability.
“While we are already a global champion, having the right technical skills is key to continued innovation for our customers across the globe.
“This will help support our growth and the creation of high quality jobs over the years ahead.”
Bev Robinson, Chair of Blackpool, Fylde and Wyre Economic Development Company, which aided in the bid, said: “This is extremely positive news for the Fylde coast.
“Both projects will bring about significant investment in technology and generate local economic growth, creating both new employment opportunities as well as safeguarding existing jobs”
Rob Green, head of enterprise and investment at the BFWEDC, said: “This is a very exciting announcement. We strive to support local companies as they look to grow, expand and provide employment and these are two fantastic examples. ”
MP Paul Maynard said: “The news of investment at Victrex underlines our drive to rebuild the local economy and provide well paid highly skilled jobs for local people.”