The industrial firm based in Echternach has announced it will invest €160 million over the next ten years into its Luxembourg site.
In the long term, Euro-Composites' new investment into its Luxembourg activities could create more than 100 new jobs. The firm currently employs more than 800 individuals in the Grand Duchy and has been based in Echternach since 1984 on the site where Monsanto had been based until 1970.
Euro-Composites creates high quality composite materials, mainly for the aviation industry but also for the rail sector and military. Amongst its bigger clients are Airbus, Boeing, and the US military.
The firm will be funding its investment itself alongside credits offered by the state's SNCI bank (Société Nationale de Crédit et d'Investissement). The new investment programme, lasting from 2020 to 2030, will explore new materials such as ceramics and titanium alongside investing into new machines and buildings dedicated to space developments.
Euro-Composites' director general and president, Rolf Mathias Alter, believes that the aviation industry will reach its high point soon, which means the firm should begin to explore different avenues. Minister of the Economy Etienne Schneider expressed his delight that the firm was taking this 'risk', pointing out that the "Spaceressources" initiative is not just interesting for startups.
The industry's development often leads to resistance in the Grand Duchy, given the emphasis on the environment. Alter explained that Euro-Composites is conscious of its environmental impact and is keen to explore how to minimise this.
Schneider for his part focused on the high quality jobs offered by Euro-Composites alongside the high-tech products on offer. He maintained that it would be difficult to find people against the venture even in Luxembourg.