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Worcester Bosch have announced they are pulling out of the city's Technology Park project.
HEATING giant Bosch is pulling out of a flagship development on the outskirts of Worcester citing concerns over future growth in the energy market.
It is one of the city's largest employers.
Bosch, currently based at the works in Cotswold Way, were proposed to be the anchor tenant on the Worcester Technology Park, which is a Worcestershire County Council project.
However, in a carefully coordinated public announcement by both the county council and Bosch earlier this morning, Bosch revealed a change of heart.
Carl Arntzen, Bosch Thermotechnology Ltd's managing director, said: “While Bosch is performing with resilience, the overall market for heating and hot water products has declined as a result of current economic conditions.
"In addition, the projected growth and support in the UK market for renewable energy products has not materialised.
"In these circumstances it is necessary to take a very prudent and cautious approach and so the significant investment required to relocate to the new Technology Park cannot be justified on commercial grounds.”
He added Bosch was committed to a future at its current city site.
Councillor Simon Geraghty, the council's economic development chief, said they recognised Bosch had had to make "an extremely difficult commercial decision", adding the council remained committed to the tech park project.
"We will be working closely with partners over the next few months to ensure this project can continue to move ahead with [other] businesses benefiting from the ideally situated location."