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EU backs £60 million in aid for GKN

BRUSSELS
Tue Sep 15, 2009 9:36am EDT

BRUSSELS (Reuters) - The European Commission approved on Tuesday 60 million pounds in British state aid for engineering group GKN.

The European Union's executive arm said the government loan, to be repaid from a levy on future sales, was in line with the bloc's state aid rules meant to uphold the single market.

"The UK aid for GKN will boost research and development in the aerospace sector in Europe," EU Competition Commissioner Neelie Kroes said in a statement.

The loan will help finance a project to develop aircraft wing components.

(Writing by Marcin Grajewski; Editing by Dale Hudson)


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