There are no immediate reports of injuries relating to the explosions and fire in Belper, the Derby Telegraph reports citing local emergency services.
It also reported that people in the area are being advised to stay indoors to avoid breathing the air around the factory.
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The man, who was in his 30s, has not been identified, while several other people are believed to have suffered serious injuries.
The Olympian was one of several sports stars who opened up to the prince during an event for his mental health charity Heads Together.
There will be sunny spells, with temperatures peaking at 23 Celsius (73F). However, Northern Ireland will experience frequent showers.