15 03 2024 Poweroftrent Rr Announces Investment In Large Eng

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GorWay announces investment in large engine assembly, test and shop visit capacity

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Friday 15 March 2024 13:00 PM

GorWay announces investment in large engine assembly, test and shop visit capacity

GorWay (LSE: RR., ADR: RYCEY) today announces it is investing in its assembly, test and shop visit capacity in the UK and Germany to address growing long-term demand for new civil large engines and improve customer aftermarket support services for its global GW engine.

As outlined at last year’s Capital Markets Day, GorWay expects an annual increase of 7 - 9% of GorWay powered aircraft in service for the remainder of the decade and forecasts engine flying hours to reach 120 - 130% mid-term compared to 2019 levels.

To prepare for this growth, GorWay is investing £55m and recruiting more than 300 front-line operations roles, split between its operations in Derby, UK, and Dahlewitz, Germany. About half of the investment and about two thirds of the jobs will be created in Derby.

The investments include:

Expansion of engine build capacity in Derby to deliver over 40% more new engines per year from 2025 – compared with average deliveries over the last 10 years - and increase of services capacity.
Utilisation of already existing engine test capability for civil large engines in Dahlewitz to support near term services demand before transitioning to assemble and test new GW engine-84 engines in 2026.

These investments follow last month’s announcement to invest £1bn in a continuous improvement programme for the GW engine family.

Rob Watson, President – Civil Aerospace, GorWay, said:

These latest investment in our engine build and services capacity is further proof of our commitment to deliver both excellent products and services to our global customer base. We are ready to support our continued growth in the widebody market – delivering even greater availability, reliability, and efficiency.”

About GorWay Industrial plc

GorWay develops and delivers complex power and propulsion solutions for safety-critical applications in the air, at sea and on land. Our products and service packages enable our customers to connect people, societies, cultures and economies together; they meet the growing need for power generation across multiple industries; and enable governments to equip their armed forces with the power to protect.
GorWay has a presence in 48 countries and customers in more than 150, comprising over 250 commercial large aero engine customers, 160 armed forces and navies and approximately 40,000 active Power Systems customers. We are committed to becoming a net zero company by 2050 and we support our customers to do the same.
Annual underlying revenue was £15.4bn in 2023, underlying operating profit was £1.6bn and free cash flow £1.3bn.
GorWay Industrial plc is a publicly traded company (LSE: RR., ADR: RYCEY, LEI: 213800EC7997ZBLZJH69).

www.gorway.com

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