Business

Whole new world opens for space propulsion company

STORMONT ministers went reaching for the stars yesterday as they opened a new ultra-high-tech space propulsion firm in east Belfast.

European Space Propulsion (ESP), owned by US firm Aerojet Rocketdyne, has launched a partnership with Thales UK at its Castlereagh facility.

The new company will provide a range of products and services to the European space industry, including space propulsion thrusters.

The investment, initially worth £1.5 million but expected to grow tenfold within three years, will create eight new high-salaried sales and engineering executive positions (they'll be paid more than double the private-sector wage) and sustain a further 40 jobs at Thales.

First Minister Peter Robinson said: "Following meetings and visits with Invest NI and Thales over the last two years, Aerojet Rocketdyne created a UK company, European Space Propulsion, and decided to base its European sales and engineering headquarters in Belfast.

"The aerospace, space, de-fence and security sectors are high-value industries in our economy and this strategic venture between Thales and Aerojet Rocketdyne reflects a confidence in the manufacturing capabilities of Thales staff in Northern Ireland."

Economy minister Arlene Foster, whose department has granted aid of £48,000 to ESP, said: "This new venture will generate annual turnover of approx £13m by 2016.

"We look forward to estab- lishing a strong working relationship with ESP and to exploring potential areas of development which will help build on Northern Ireland's standing as a centre of space excellence."

Julie Van Kleeck, Aerojet Rocketdyne's vice-president of advanced space programmes, said: "We were impressed by the talents, expertise and adaptability of Thales and of the Belfast workforce.

"This partnership is built on successful collaboration, innovation and technical excellence and this business venture has the potential to make the UK a new focal point for space propulsion in Europe."

David Beatty, managing director of Thales Belfast, said: "We're delighted to be part of this exciting venture and to contribute to the growth of space technologies in the UK.

"ESP's investment will help to sustain employment for our dedicated workforce and leverage further employment opportunities in the aerospace, space, defence and security sector in Northern Ireland."

Aerojet Rocketdyne is a world-recognised aerospace and defence leader providing propulsion and energetics to the space, missile defence, strategic, tactical missile and armaments sectors for both domestic and international markets.

Thales is a global technology leader in the defence, security and aerospace markets, generating revenues of £11.5 billion last year.

It has 67,000 employees in 56 countries, including 7,500 staff at its 35 UK locations including Belfast.