💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

CORRECTED-UPDATE 1-Rolls-Royce to build new plants in UK, S'pore

Published 07/28/2009, 05:15 AM
Updated 07/28/2009, 05:40 AM
TTEF
-
RR
-

(Corrects paragraph 3 to clarify that the new Singapore plant will make components for civil use only)

* Invests 300 million sterling in 4 UK factories, 2 research projects

* British government contributes 45 million sterling

* Investment to create or safeguard 800 UK jobs * Ups investment in Singapore to 300 million sterling

* Rolls-Royce employees in Singapore to rise by 500 to 2,000

(Adds details, background)

LONDON, July 28 (Reuters) - Engine maker Rolls-Royce said on Tuesday it would build or extend four factories in Britain and open a new plant in Singapore, creating new jobs in both countries.

The British company plans to invest over 300 million pounds ($496 million) in the UK where unemployment is running at the highest rate in 12 years. The government will contribute 45 million pounds towards the projects which are expected to create or secure 800 jobs.

In Singapore, Rolls-Royce will build a new factory making wide chord fan blades (WCFB) for use in commercial aircraft engines. The plant will be alongside a facility testing and assembling Trent engines.

Total investment at the Seletar Campus site will now be about 300 million pounds and the new plant will create 500 new jobs, bringing the total number of people employed by the company in Singapore to around 2,000.

"This latest investment ... reflects our continuing confidence in Singapore as a place to locate high value-added manufacturing," Rolls-Royce Chief Executive John Rose said in a statement.

In Britain, Rolls-Royce plans a new casting facility for turbine blades, a factory making discs used in fans and turbines, an extension to its existing WCFB facility and a new plant making components for nuclear power stations.

It will also invest in government-backed research into developing greener aircraft engines and research into more productive, environmentally friendly production techniques. (Reporting by Paul Hoskins; Editing by Victoria Bryan) ($1=.6045 Pound)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.