GKN, the UK-based engineering company, is due to finalise plans to acquire a significant part of the manufacturing site at Filton owned by the French aircraft company, Airbus, after securing about £60m in support from the British Government.
GKN has been in discussions with Airbus to purchase the wing-making factory for the past ten months. The delay was down to tough negotiations over price and a commitment by Airbus to ensure the factory will have future work on the new A350 aircraft.
It is understood that GKN has agreed to buy the site for £150m and to invest the same again over the next five years in development.
Once completed, the Airbus acquisition is expected to generate 1,500 jobs and revenues of about £400m to GKN's current aerospace business.
The factory was put on the market by Airbus's owner, EADS, as part of its Power 8 restructuring programme.
GKN has over 40,000 employees in over 30 countries across the globe. Airbus also has a global presence with 16 manufacturing sites in Europe as well as subsidiairies in the US, China and Japan.
