20 October 2003

Smiths Aerospace Components - Burnley, formerly Aero & Industrial Technology Ltd (AIT), supplies complex engine components to major gas turbine companies world wide, and is part of the 12,000-strong Smiths Aerospace. Smiths is particularly encouraged by the move of the 250 workforce from the old cotton mill at Wood Top, where the business was formed in 1942, to the new premises.

The level of investment, which Smiths has put into the new plant and equipment, demonstrates its commitment to the Burnley area and its confidence in the planned growth of the business. In March this year they secured a five-year production contract worth in excess of £ 40m with Rolls-Royce.

Coinciding with the move, the value of the strong brand image and parental support provided by Smiths since they acquired the business in December 2000, was reflected in the change of name to Smiths Aerospace Components - Burnley.

"This new facility demonstrates Smiths' confidence to invest in growth businesses and in technologies which will enable us to continue to increase productivity. The expansion of modern manufacturing techniques in our Burnley facility enables us to improve our competitiveness as the major engine companies now source parts from a global supply base", said Dr. John Ferrie, Group Managing Director for Smiths Aerospace. "We are delighted to be a part of the local community and offer encouragement in a difficult economic climate. The project has been excellent news for employees, customers and the town generally, as it safeguards jobs in the aerospace manufacturing sector".

Richard Thorley, Managing Director of Smiths Aerospace Components - Burnley commented on the opening, "We are especially proud that today, Burnley has attracted the attention of some of the country's highest level politicians and business community".

Smiths Aerospace is the leading transatlantic aerospace equipment company, with its 12,000 staff and $2 billion revenues split equally between Europe and North America. Smiths Aerospace, a part of Smiths Group plc, holds key positions in the supply chains of all major military and civil aircraft and engine manufacturers and is a world-leader in electronic and mechanical systems, precision components and Systems Customer Services.