Stirling-based Superglass (www.superglass.co.uk)— a manufacturer of glass wool insulation — is to benefit from one of the largest investments in Scottish engineering and manufacturing in recent years, doubling its capacity and creating new jobs.

Sergey Kolesnikov — the owner of TechnoNicol, which manufactures construction materials, is to invest £36.8 million in the company. Since he bought Superglass in 2016, it has become a key regional hub for the Russian construction materials giant.

Ken Munro — CEO of TechnoNicol UK, Ireland and USA — said: “This is a real vote of confidence in Scottish manufacturing, both in terms of the quality of the work we do here and the expertise of the workforce.

"It is a validation of our strategy within Superglass over recent years to see further consolidation of the initial investment at our regional headquarters.

"It is also an important milestone in the transformation of the business, with a £10 million improvement in profitability over the last three years and significant double-digit sales growth this year.

“With this investment, we will have spent close to £50 million on this site since the acquisition of Superglass.

“By our estimations, it’s one of the biggest single inward investments made in Scotland’s manufacturing sector for a long time.”

Substantial building work will take place on the site early next year to accommodate new production equipment, including a 187-tonne furnace and curing ovens.

The existing cooling, cutting and milling equipment will be replaced, and an automatic packing system will be installed. The expansion is backed by Scottish Enterprise.