December 3, 2019 / 9:35 AM / 5 days ago

Safran and MTU reach agreement on co-operation on military jet engine: sources

FILE PHOTO: The Safran logo is pictured at the company's logistic area in Colomiers, near Toulouse, France, November 15, 2019. REUTERS/Regis Duvignau

PARIS (Reuters) - French engine maker Safran (SAF.PA) and German counterpart MTU Aero Engines (MTXGn.DE) have reached an agreement to cooperate on a military jet engine, removing an obstacle to developing a Franco-German fighter, sources familiar with the matter said.

The agreement, which follows a letter of intention signed in February, calls for Safran to be the prime contractor with MTU as “main partner” they said. A deal had been held up amid reports of opposition in the German parliament.

The agreement covers the current research phase and calls for a joint venture to be set up in the second half of 2021 to handle future proposed work.

Reporting by Tim Hepher; editing by Louise Heavens

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