Spain agrees 3.7 bln EUR aid to aeronautics sector - News

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Spain agrees 3.7 bln EUR aid to aeronautics sector

By: AFX | 06 Nov 2009 | 10:35 AM ET

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MADRID, Nov 6 (Reuters) - The Spanish government has approved 3.7 billion euros ($5.50 billion) of aid for the country's aeronautical industry over 2010-2014, the Industry Ministry said in a statement on Friday. One of the highlights of the plan is over 500 million euros for the Spanish arm of European planemaker Airbus, a unit of EADS, including 278 million euros in launch aid for Airbus' next passenger jet, the mid-sized A350, over 2009-2015. Spain has been allocated 10 percent of work for the next-generation carbon-fibre A350 airplane designed to compete with Boeing's advanced 787 Dreamliner. (Reporting by Tracy Rucinski) ($1=.6722 Euro) Keywords: SPAIN AEROSPACE/AID (tracy.rucinsk@thomsonreuters.com; Reuters Messaging: tracy.rucinski.reuters.com@reuters.net; +34 91 585 2153) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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