EIB financed the investments by the Mecachrome group with a EUR 40 million
OREANDA-NEWS. Mecachrome Aeron?utica has inaugurated today in ?vora (Portugal) its new plant for manufacturing titanium parts for aircraft engines. The European Investment Bank (EIB) has financed the investments by the Mecachrome group with a EUR 40 million loan aimed at supporting the modernisation and expansion of its production capacities for advanced aero engine and aerostructure components at its factories in France and Portugal. Part of the project scope is in particular focused on the new factory inaugurated today in Portugal. The operation is guaranteed by the European Fund for Strategic Investments (EFSI), the core of the Investment Plan for Europe, the Juncker Plan.
The EIB financial support for this project will not only contribute to innovation but also foster economic growth in an EU cohesion region by creating more than 300 new permanent jobs in Portugal. The investments will also help to disseminate knowledge in advance manufacturing technology: in the future, Mecachrome, in partnership with IEFP, will provide workers with the appropriate skills to work with new hard metal machining.
About the impact of this project, the EIB Vice-President overseeing the operations of the EU bank in Portugal, Roman Escolano, stressed: “This new aeronautical plant inaugurated in ?vora is a fantastic example of our priorities in Portugal: supporting the creation of jobs by financing sustainable and innovative investments. By financing the capacity expansion of Mecachrome with a new factory in Portugal, the EIB is enhancing the competitiveness of the EU’s technological industry, while fostering economic growth in a convergence region, which will benefit from new highly skilled jobs”.
Carlos Moedas, European Commissioner for Research, Science and Innovation, said: "The Investment Plan for Europe is supporting once again an innovative project in Portugal with a EUR 40 million loan. Using cutting-edge technology, this new environmentally-friendly factory in ?vora will create 300 permanent jobs in Portugal and will be a leading manufacturer of titanium parts for aircraft engines in Europe. I am proud that Portugal is making full use of the Juncker Plan: it is now ranked second out of 28 in total investment mobilised relative to GDP."