The defence technology contractor Cobham says a deal to supply 'waveguides' for telecommunication satellites will boost jobs at its plants in Chichester in the UK and Les Clayes-sous-Bois in France.
The long term agreement from Astrium, a subsidiary of EADS, is worth £14m over the next 18 months, and includes an option to extend production into 2014.
Cobham says it will need to invest in both the facilities, boosting the skilled manufacturing workforce by 20% in Chichester and 25% in Les Clayes-sous-Bois.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Eiji Kawaishi, vice president of Cobham Aerospace Communications, said: "These agreements for our waveguide business units are important milestones in our business plans in this dynamic market."
Cobham shares were down 0.55% at 8:16.
BS
-
Shein shifts IPO focus to Hong KongThe development piles fresh pressure on London’s beleaguered stock market, which many had hoped would be boosted by Shein’s IPO
-
Scientists turn lead into gold – could it wreck the yellow metal's price?Medieval alchemists have been vindicated after scientists turned lead into gold, but the results aren’t going to crash the gold price any time soon
