THE US petrochemicals company Colorite is to set up a 45,000 sq ft factory in west Belfast, creating 50 jobs. The plant, which will be located in the Springbank Industrial Estate in Polegass, will produce plastic composite components for use in the automotive and medical industries.

This is the second announcement of an inward investment project for the area in the past few months. In March, it was revealed that the Korean tool maker YG-1 was to create 230 jobs at an £8.5 million sterling factory making precision cutting tools for the engineering industry.