The London Mail reported on Aug. 10 that GKN Aerospace (Cowes, Isle of Wight, U.K.) has reached an agreement with Airbus Industrie SA (Toulouse, France) to purchase Airbus' Filton, U.K., facility for £150 million.
Airbus is selling several European facilities to partner-suppliers in an effort to reduce production and manufacturing costs. It's been negotiating with GKN for several weeks over the Filton plant sale. It is expected that GKN will continue to use the factories to provide components for Airbus, but at a lower cost. The facility employs 1,500 people.
The factory will become a center of excellence for carbon fiber composites wingmaking in the U.K., supplying parts for Airbus' forthcoming A350 XWB. As part of the deal, GKN has promised to invest £120 million over the next five years. It is thought the British government will provide £60 million in subsidies.
Information: Click here for London Mail story.