The Telegraph newspaper in the U.K., and several other news organizations, report that GKN, the automotive components and aerospace company, hopes to complete the Â£150 million-plus purchase of an Airbus factory in Filton, U.K., mid-summer.
According to the report, Sir Kevin Smith, GKN’s chief executive, says the acquisition would add annual revenues of around Â£300 million and take turnover of the aerospace division to more than Â£1 billion, about 30 percent of the company.
The Filton facility will manufacture wing components and Sir Kevin said GKN would invest about Â£150 million over five years. Once the sale is complete, GKN is guaranteed work on the new Airbus A350, but would also be looking to bring in subcontract business from other manufacturers.
“We’ll be bringing more engineers to the site and doing a lot of R&D there,” said Sir Kevin in The Telegraph report. He added that he was talking to the U.K. government about aid towards turning Filton into a high-tech operation.
Information: Click here for the full report from The Telegraph.