Europe’s aircraft manufacturer Airbus will invest £100m in research and development of new systems and technologies for building aircraft wings.
The investment follows a funding deal with the UK and Welsh governments and has been announced by UK Prime Minister David Cameron during an investment summit at the Celtic Manor Resort in Newport, South Wales, today.
The UK government’s contribution to the Airbus project is part of an overall £240m investment that is hoped to create or safeguard about 1,800 jobs across the UK.
"This investment is a vote of confidence in our long-term economic plan and the jobs it will create and safeguard in Wales and across the UK means financial security for more hard-working families," Cameron said.
The Welsh government will contribute further £8.1m towards the Airbus deal.
Wales’s First Minister Carwyn Jones stressed the importance of the aerospace industry for Welsh economy, saying the deal will allow the local workforce to move at the pace of technological development in the field.
Airbus employs about 6,000 people at Broughton in Flintshire and more than 4,000 at Filton, near Bristol.
"This funding will help safeguard jobs at Broughton and ensure we remain at the cutting-edge of new technology and innovation in a fiercely competitive global market,” Jones said.
"Airbus makes a major contribution to the Welsh economy and employs 6,000 people in North Wales in a world-class, highly advanced manufacturing facility responsible for assembling more than 900 Airbus aircraft wings a year."
According to Paul McKinlay, the director of Airbus’s Broughton plant, the funding will ensure further development of skills and expertise of Airbus’s workers.