GKN welcomes GBP2 billion investment in UK aerospace

GKN plc, the global engineer, has welcomed the UK Government's announcement of significant investment in the future of the aerospace industry. The Aerospace Growth Partnership (AGP), a collaboration between industry and government, has announced a joint research and development investment of more than GBP2 billion over the next seven years with the industry and Government each contributing GBP150m per year.

Nigel Stein, Chief Executive GKN plc, said: "GKN is a world leader in aero-structures and aero-engine systems with a significant proportion of our engineering and manufacturing based in the UK. We are delighted to be a part of this initiative, which will not only strengthen the UK's position in the sector and generate new jobs but also help the overall well-being of the country's economy."

The AGP is jointly chaired by Michael Fallon, Minister of State at the Department for Business, Innovation and Skills (BIS), and Marcus Bryson, CEO of GKN Aerospace & Land Systems.

Marcus Bryson commented: "The UK is already at the forefront of the global aerospace industry. Tens of thousands of large commercial aircraft are expected to be built over the next 20 years and today's announcement is a very important vote of confidence in the UK sector's capability to win an ever greater share of this market. It will help position the UK at the leading edge of new technologies and ensure we retain our world-class capabilities in aerospace manufacture."