A former research facility belonging to drugs company AstraZeneca has been bought by J&A Young.
The company, which trades as Jayplas, has purchased the 69-acre site and is expected to take it over in July.
It currently has sites in Nottinghamshire, Derbyshire, Birmingham and Grimsby as well as a head office in Corby, Northamptonshire.
Jayplas finance director Darren Thompson told SCM: “Our plans for the site are still very much in their infancy, and while we have an overall view of what we want to achieve, there is still a great deal of detailed planning to be undertaken.
“The purpose of buying the AstraZeneca site was to enable us to provide operation support to the current operations that we have in the Midlands and provide a solid base in this area for our future strategic growth plans.
“It is our intention to develop new processing facilities on this site to reprocess all types of plastics to complement our existing operations.”
He added that the company will now begin the process of assessing the existing buildings on the site and consider whether they can be used in the business going forward, and where appropriate will look at purpose-built facilities.