Jane Henderson, Chief Executive of the South West RDA, warmly welcomed the announcement.
She said: "An investment of this magnitude has significant implication for the regional economy as well as the wider aerospace sector. South West England has been home to world leading aerospace technologies for nearly 100 years."
The senior executive added: "At the South West RDA we proactively support the sector by working with these companies, acting as a catalyst for innovation, skills development and supply chain activities.
-- Advertisement --
"We have worked closely with Airbus and GKN to facilitate this deal and secure the future of manufacturing in Bristol."
The latest investment makes GKN the largest engineering company in the UK after BAE Systems and Rolls Royce and was brought by Airbus's Power 8 restructuring and cost reduction programme.
It heralds a new era for the two companies, building on the customer-supplier relationship that has existed for over 20 years.
In keeping with the South West RDA's remit for economic development, the safeguarding of high value employment in a private sector such as aerospace was central to the Agency's involvement in the Airbus-GKN deal.
The transfer of the manufacturing capabilities from Airbus to GKN will protect up to 1,500 jobs at the Filton site, as well as potentially creating an additional jobs.
In addition, the Agency has recently approved an investment of £8m in the Airbus-led Next Generation Composite Wing project, which GKN will participate heavily in.
This will enable Airbus, GKN and a wide range of aerospace companies in the region to remain at the forefront of technological innovation.
See: Business Secretary Announces Backing For UK Aerospace
(JM)
