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EUR 119 million to support ITP’s RDI

The European Investment Bank (EIB) has granted ITP (Industria de Turbo Propulsores) a EUR 119 million loan for financing its research, development and innovation (RDI) activities. EIB Vice-President Román Escolano and ITP's CEO Ignacio Mataix signed the loan agreement in Madrid.

Firma ITP BEI.

The loan will finance the development and implementation of technologies designed to enhance the efficiency and reduce the fuel burn of gas turbines in commercial aircraft and to improve their acoustic footprint. It will also support the development of lighter turbines, which itself will have a direct impact on fuel consumption and CO2 emissions.

The investments financed will be carried out at the company's research facilities in Alcobendas and Ajalvir (Madrid) and Zamudio (Vizcaya) over the period 2014-2017. The EIB granted a first EUR 50 million loan of this type to ITP in 2011.

This operation forms part of the EIB's support for RDI investment and the knowledge economy as key tools for boosting the competitiveness and increasing the growth potential of the European economy. At the same time it will help to improve the environmental impact of air transport.

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About the EIB

The European Investment Bank is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.

Note to the editor

ITP Aero is currently the ninth largest aircraft engine and components company in the world by revenue. Ranking among the top one hundred companies in the aerospace industry (Top 100 Aerospace Companies, PwC and Flight International). The company employs over 3,500 people at its production centres in Spain, United Kingdom, Mexico, the United States, Malta and India.

ITP Aero includes among its activities the design, research and development, manufacturing and casting, assembly and testing of aeronautical modules and engines. It also provides MRO services for a wide range of engines for regional airlines, business aviation, helicopters, industrial and defense applications. ITP Aero operates as a corporate entity within the Rolls-Royce group.

More information on ITP Aero

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