Press Release
GKN's multi-million buy-out is 'proof that UK aerospace is a world leader'
5 July 2012
Unite, Britain's biggest union, today hailed GKN's £633 million buy-out of Volvo Aerospace as "proof that UK aerospace is a world leader". The acquisition by GKN brings 3,000 people into the UK based company and a strong market share in the aircraft engine supply chain.
Ian Waddell, Unite's national officer for aerospace and shipbuilding said:
"This is good news for GKN and good news for the UK. The company has set itself a target to be the world's best engineering company. This bold acquisition demonstrates that ambition and is proof that UK aerospace is a world leader. Aerospace is a huge success story for the UK, generating billions of pounds of export revenues every year and employing hundreds of thousands of highly skilled people. It is an industry we should be proud of in this country."
The GKN acquisition will add 3000 employees to the company's global workforce and it comes with a strong customer base, supplying every major aero engine manufacturer with components and sub-assemblies.
Mr Waddell said,
"Next week, the Farnborough International Air Show opens in the UK. I hope we will see more announcements of growth and expansion from our UK- based aerospace industry, but more than anything I would love to see a clear signal from the government that it supports this superb manufacturing industry.
"Other nations across the world are investing billions to try and get into aerospace - it's about time our government recognised that aerospace is a critical part of our economy and helped create the right conditions for it to flourish."
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