Construction could start early next year subject to planning approval with the new factory targeted to begin production in 2027.

The new plant will use all-electric melting technology to power the furnace, powered by renewable electricit and initially produce 50,000 tonnes of stone wool insulation products under the Saint-Gobain Isover brand.

The facility will be located on the site of the former Saint-Gobain PAM Holwell Foundry Works in Melton Mowbray. This continues a long of history of manufacturing at the site which began in 1878.

Dean O’Sullivan, Managing Director of Saint-Gobain’s Interior Solutions businesses said: “This is a major investment in new low-carbon stone wool insulation in the UK.

“Light and sustainable construction solutions are growing in demand – driven by the need to reduce the impact of buildings on the environment and our own goals to meet our business’ target to become a net-zero carbon business.

“Through this investment which we plan to begin production in 2027, we will be able to provide customers with high-performance, very low-embodied carbon stone wool insulation in addition to our existing glass wool insulation.

“The investment is a strong sign of commitment to delivering low-carbon light and sustainable solutions and meeting our own ambitious sustainability targets.”