Welsh Secretary Cheryl Gillan anticipated hundreds of further jobs created during the manufacturing phase.

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Specialisation, in which a firm does only one phase of the manufacturing cycle, partly explains this fragmentation.

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The next phase is to scale up the manufacturing process, with the aim of making the material rather as you would convert wood-pulp to newsprint.

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Having said that, there are some electronics manufacturing companies, the components makers, which are not cheap but have relatively reasonable valuations even in this phase of the rally.

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