Manufacturing Industry
EU approves UK aid plan for Rolls-Royce
Airline Industry Information, Nov 1, 2001
AIRLINE INDUSTRY INFORMATION-(C)1997-2001 M2 COMMUNICATIONS LTD
The European Union has approved a plan proposed by the British government to provide USD364m in loans and aid to help Rolls-Royce Plc develop new aircraft engines.
The European Commission, the EU's executive arm, has stated that the loan did not violate EU state aid rules. The money will go towards developing two Trent engines to be used for Airbus SAS' new A380 superjumbo jet aircraft and Boeing Co's long-range 767-400ER aircraft, according to The Associated Press. The loan was opposed by Pratt & Whitney, an aero-engine manufacturing division of United Technologies Corp. Pratt & Whitney had been working with General Electric Co to develop its own engines for the Airbus A380.
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Rolls-Royce, which has been affected by the decline in the commercial aircraft industry following the 11 September terrorist attacks on the USA, announced last week that it was cutting 5,000 jobs worldwide.
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