British engineering firm GKN said today it had agreed to buy the plant in Britain owned by European plane maker Airbus, which has hit financial troubles owing to delays to its A380 super jumbo.
GKN said in a statement that it had struck a deal to buy Airbus' wing-making plant in Filton, western England, for £136 million (171 million euros, $245 million).
Airbus, owned by European aerospace giant EADS, is planning to sell seven plants in Britain, France and Germany to cut costs but has struggled to offload them.
The Filton wing component and assemblies operation being acquired by GKN employs about 1,500 people and has been developed by Airbus as a centre of excellence for wing structures.
"The acquisition of the Filton wing components and assemblies manufacturing operation is a further exciting step in the development of GKN's Aerospace business," GKN chief executive Kevin Smith said in the statement.
"The strategic logic is compelling. It brings a long term partnership with Airbus and a strong order backlog which supports solid growth."
Smith added: "Filton is already a centre of excellence in metallic structures for Airbus and we intend to invest in the operation so that it also becomes a centre of excellence in composite wing structures serving the global aerospace market.
"The GKN team looks forward to welcoming those Filton employees who will be transferring to us."
Today's announcement follows the decision by Airbus in December last year to select GKN as its preferred partner for the acquisition of the Filton operation on the outskirts of Bristol, southwest England.
The acquisition, subject to regulatory approval, was expected to be completed at the end of the year, said GKN.
