The Department for International Trade has helped GE Aviation win
a multi-million dollar contract by guaranteeing a loan through
the government’s export credit agency, UK Export Finance
(UKEF).
Worth $18.7 million, the contract sees GE upgrade engines for
cargo and charter airline Atlas Air. With the work carried out in
GE’s Prestwick workshop in Scotland they will supply and install
energy efficient Performance Improvement Program (PIP) kits to 3 engines
in the Atlas Air fleet.
This initial contract has led to a second multi-million dollar
agreement for UKEF to finance upgrades of 3
more engines in the coming months.
The announcement comes as International Trade Minister, , attends the Paris Air Show
where the Department for International Trade is exhibiting.
International Trade Minister, , said:
Our civil aerospace industry is world leading and the
Department for International Trade is committed to doing all it
can to boost exports and support UK businesses in this sector –
including through UKEF where this deal will help
do just that, as well as protecting jobs in Scotland.
I’m pleased to be flying the flag for the UK at the world’s
oldest and largest Air Show. It’s a real opportunity to meet
with potential investors and promote the strengths of the UK
aerospace industry.
While at the Paris Air Show, met with a range of businesses
and discussed positioning the UK aerospace sector for the next
generation of technology driven growth.
The UK leads the way in whole aircraft capability, particularly
in:
- wing design and manufacture
- propulsion
- land gear
- major systems
- airline interiors
It is also well placed to provide access to:
- skilled talent
- excellent academia
- research and development
- world-class manufacturing processes
- competitive suppliers
UKEF, Atlas Air and GE may
extend the programme, which could see further support worth
millions of dollars for the future supply and installation
of PIPkits to 33 more of
Atlas Air’s engines over the next 4 years.
Last year (2016) the UK aerospace industry generated revenues of
£32 billion with £28 billion of production exported.
Highlighting the strengths of this important sector, the
Department for International Trade’s investment showcase is in
the design of an aircraft cabin. There are 8 windows highlighting
some of the international aerospace businesses located in the UK
including:
- Boeing
- Thales
- Airbus
- Bombardier
- Rolls-Royce
- GE Aviation
