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| GKN buys Airbus plant for £136m | |
| (about 3 hours later) | |
| Part of the Airbus factory in south Gloucestershire is being sold to engineering company GKN for £136m. | Part of the Airbus factory in south Gloucestershire is being sold to engineering company GKN for £136m. |
| The firm is to buy the manufacturing operation at the Filton site, which makes wing components for Airbus. | The firm is to buy the manufacturing operation at the Filton site, which makes wing components for Airbus. |
| The Unite union said the deal was "fantastic news" for British manufacturing and would help secure the UK's aerospace industry for decades. | The Unite union said the deal was "fantastic news" for British manufacturing and would help secure the UK's aerospace industry for decades. |
| Airbus has been negotiating to sell Filton to GKN for months and has been close to a deal for several weeks. | Airbus has been negotiating to sell Filton to GKN for months and has been close to a deal for several weeks. |
| There was speculation that a deal had been delayed by negotiations over price and a commitment by Airbus to provide the factory with future work on its pending A350 aircraft. | There was speculation that a deal had been delayed by negotiations over price and a commitment by Airbus to provide the factory with future work on its pending A350 aircraft. |
| 'World leader' | |
| The factory was put up for sale by Airbus's parent, EADS, as part of its Power8 restructuring programme. | The factory was put up for sale by Airbus's parent, EADS, as part of its Power8 restructuring programme. |
| Business Secretary John Hutton announced that the government had agreed, in principle, to support GKN with £60m repayable launch investment. | |
| An additional £50m will be made available over the next five years for research and technology to support a number of high quality Airbus projects. | |
| He said: "This investment in Filton by government and industry demonstrates our shared commitment to supporting high-tech, high-skilled aerospace companies in the UK to ensure we remain a world leader in this sector. | |
| "Building on the launch of the government's manufacturing strategy this week, this is a clear demonstration of how we will continue to do all we can to work with our key manufacturers to keep them at the forefront of competitive global markets." | |
| GKN chief executive Sir Kevin Smith said: "The acquisition of the Filton wing components and assemblies manufacturing operation is a further exciting step in the development of GKN's aerospace business. | GKN chief executive Sir Kevin Smith said: "The acquisition of the Filton wing components and assemblies manufacturing operation is a further exciting step in the development of GKN's aerospace business. |
| Aerospace in the UK is a manufacturing success story and this deal will ensure that a site that plays a significant part in that success continues to do so Ian Godden, Society of British Aerospace Companies | |
| "The strategic logic is compelling. It brings a long-term partnership with Airbus and a strong order backlog which supports solid growth." | "The strategic logic is compelling. It brings a long-term partnership with Airbus and a strong order backlog which supports solid growth." |
| Unite national officer Bernie Hamilton said: "GKN and the government are making substantial investments into cutting-edge composite technology, which will ensure that the UK retains its leading world-class position for designing, manufacturing and assembling wings for large aircraft. | |
| "This announcement secures the UK's work-share for the manufacturing of wings for the new A350XWB and positions us at the forefront of the next generation of single aisle planes, the workhorses of the airline industry." | "This announcement secures the UK's work-share for the manufacturing of wings for the new A350XWB and positions us at the forefront of the next generation of single aisle planes, the workhorses of the airline industry." |
| The Filton wing component and assemblies operation being acquired by GKN employs about 1,500 workers and has been developed by Airbus as a centre of excellence for wing structures. | The Filton wing component and assemblies operation being acquired by GKN employs about 1,500 workers and has been developed by Airbus as a centre of excellence for wing structures. |
| Centre of excellence | |
| It is a manufacturing and assembly specialist for metallic wing components, supplying the full range of Airbus aircraft including the A320 range, A330/340, A380 and A400M. | It is a manufacturing and assembly specialist for metallic wing components, supplying the full range of Airbus aircraft including the A320 range, A330/340, A380 and A400M. |
| GKN said it intended to invest £125m over five years to develop the Filton business as a global centre of excellence in composite wing structures. | |
| Ian Godden, Chief Executive of the Society of British Aerospace Companies, said: "We welcome the finalisation of this deal between two of the UK's leading aerospace companies. | Ian Godden, Chief Executive of the Society of British Aerospace Companies, said: "We welcome the finalisation of this deal between two of the UK's leading aerospace companies. |
| "It is an encouraging example of the continuing progress of Airbus' Power8 programme as well as the commitment of GKN's aerospace business to the UK. | "It is an encouraging example of the continuing progress of Airbus' Power8 programme as well as the commitment of GKN's aerospace business to the UK. |
| "Aerospace in the UK is a manufacturing success story and this deal will ensure that a site that plays a significant part in that success continues to do so." | "Aerospace in the UK is a manufacturing success story and this deal will ensure that a site that plays a significant part in that success continues to do so." |