£32m investment set for UK helicopter industry

Production, research and development of helicopters in the UK have taken a major step forward with a total of £32 million of public finance announced today by Business Secretary Vince Cable.

The Business Secretary made the announcement during a visit to AgustaWestland's Yeovil facility where design and development is taking place for the new AW169 light intermediate commercial helicopter. The new aircraft is a diversification for the Yeovil plant as this has previously focused on military aircraft.

The investment includes a £22 million loan on market terms in order to assist production of the AW169. Separately, a total of £10 million in R&D grants have been delivered through the Technology Strategy Board Scheme. These grants are aimed at boosting research and development in advanced rotorcraft, benefiting small and medium sized enterprises in the supply chain and universities which train the next generation of engineers and technicians.

“Britain has a long and accomplished history of aircraft production and I'm pleased that today's announcement has opened the next chapter in that history,” stated Business Secretary Vince Cable. “By bringing design, development and part of the production of the AW169 to Yeovil, AgustaWestland is making a huge vote of confidence in the expertise of Britain's engineers and the supply chain that already supports their operations here.

“This investment shows how important advanced manufacturing is to our economy and will make sure that the next generation of engineers benefit from having a world class research, design and development capability right here in the South West.”

www.bis.gov.uk