Dyson to spend £1bn on 100 products
Inventor Sir James Dyson has pledged to spend £1 billion on the research and development of 100 new products over the next four years.
The entrepreneur's Wiltshire-based firm Dyson is also committing £200 million towards additional production lines in South East Asia so that it can increase its manufacturing capacity to 11 million motors a year.
The spending is on top of a previously announced plan for a £250 million campus expansion at its Malmesbury site, creating 3,000 jobs.
The first new research building is due to open in early 2016 and will house laboratories for research and development into future technologies.
Dyson is currently recruiting 300 people to join its team of more than 2,000 engineers and scientists, while it is also planning to extend its external research programme with universities by another £50 million.
Dyson works with over 30 universities to develop early-stage technologies, including a £5 million investment in a joint robotics lab with Imperial College London, and in fluid mechanics at the University of Cambridge.
Sir James, who is chairman of the company he founded in 1993, said: "Our growth is fuelled by technology and we are thinking long term.
"Ninety per cent of our technology is sold abroad, we're quickly growing across Asia, and it's phenomenal to think that we are now number one in the home of technology - Japan. It is like selling coal to Newcastle.
"But we must relentlessly invent - that's why we are investing in our research footprint here in the UK and investing in our manufacturing capabilities in South East Asia."
Dyson, which last year produced its millionth machine, moved its manufacturing to Asia a decade ago. The company is best known for inventing bagless cleaners and bladeless fans, with 90% of its technology now sold overseas in more than 70 countries.