Government signs £360m loan guarantee for Ford to develop low emission engines in the UK

Business minister Mark Prisk signed off the paperwork for a £360m loan guarantee for Ford today that will help protect skilled jobs in engineering and ensure that the UK is at the forefront of developing new environmentally friendly engine technology.

The government guarantee is for Ford’s £450m loan from the European Investment Bank (EIB), which will support Ford’s cutting-edge engine research and development in Dunton and Dagenham and the upgrading of manufacturing operations in Bridgend, Southampton and Dagenham.

Ford is investing £1.5 billion over the next five years for the development of a new generation of environmentally friendly engines and vehicle technologies. The investment will safeguard around 2,800 skilled jobs.

Mr Prisk commented, ‘Ford has an impressive track record in research and development. Its investment of £1.5 billion over the next five years is a great opportunity to take the lead in developing low carbon manufacturing. This backing from the government will help to ensure the long term success of manufacturing in the UK and make sure we are at the forefront of new technologies.’

Ford currently provides just under a third of the UK’s automotive sector research and development. The UK projects to be supported cover research and development for Ford’s commercial vehicles such as the Transit and Connect vans.

• What’s it like to work in automotive engineering?
• What’s it like working in research and development in engineering?

Posted by Alison_TARGETjobs on 12 July 2010

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