A billionaire is in advanced talks to build thousands of cars and potentially create hundreds of jobs in Bridgend, according to reports.
Ineos Automotive, which is owned by Sir Jim Ratcliffe - the richest man in the UK according to last year’s Sunday Times Rich List - has been in discussions to build their new 4x4 vehicle in south Wales for time.
The Mail on Sunday is reporting that production will take place at a plant next to the Ford factory in the town, which is set to close in 2020.
If Ineos does set up in Bridgend, it will represent a huge boost for an area which is set to lose 1,700 jobs when the Ford plant closes next autumn.
The new project - called Projekt Grenadier - will see thousands of new 4x4 style vehicles being built from 2021 in a new venture for the Ineos group, who made headlines earlier this year when they took over the Team Sky cycling stable.
A spokesperson for Ineos said: “Jim (Ratcliffe) is a long-term admirer of the original Land Rover Defender, and knows the true value of a go anywhere 4×4.
“When Jaguar Land Rover announced it was going to cease production of the Defender in 2016, it left a gap in the market for an uncompromising off-roader, which Jim decided Ineos could fill - thus Projekt Grenadier was born.”
The Welsh Government has not confirmed that any deal to bring the multi-million pound project to Bridgend is imminent.
However, economy minister Ken Skates has revealed that talks between the Welsh Government and Ineos Automotive are “very advanced”.
Speaking on Radio Wales last week, Mr Skates said he was “very excited about the possibility of attracting new automotive manufacturers to Bridgend” but declined to expand further as talks were ongoing.
Ineos Automotive is part of the Ineos group, which was founded by Sir Jim Ratcliffe more than 20 years ago and is one of the world's largest chemical producers.
Last year the company, which is based in London, published profits of more than £2bn.
