Signed today at the headquarters of Invitalia in Rome was the first Development Contract.
The agreement involving an investment worth over 38 million euro in Campania, in Morra de Sanctis in the province of Avellino was signed by Domenico Arcuri, CEO of Invitalia, and Otello Natale, CEO of EMA - Europea Microfusioni Aerospaziali, a wholly owned subsidiary of Rolls Royce.
The event was also attended by Claudio De Vincenti, Undersecretary for Economic Development, Carlo Sappino, Director General for the promotion of entrepreneurial activities of the Ministry of Economic Development, Giuseppe Ciongoli, President of Rolls Royce Italy and EMA, and Kate Airey, Diplomatic Advisor for Global Affairs of the British Embassy of Rome.
EMA Europea Microfusioni Aerospaziali SpA, a company with 450 employees, based in Morra De Sanctis (Avellino), is a world leader in the production of high-precision superalloy components for engines and turbines for civil and military aeronautics and electricity generation sectors.
The development programme presented by the company, which is scheduled for completion by April 2015, is divided into:
- a production investment draft worth around 35 million euro;
- an Industrial Research and Experimental Development Project worth 3.5 million euro.
The aim of this project is to increase the current production capacity of the Morra de Sanctis site by around 45%, and optimise the manufacturing process, internalising the manufacture of ceramic cores (currently purchased from outside), thereby reducing production and logistics costs.
We expect a growth in turnover of around 35% over a period of four years and, when fully operational, an increase of approximately 200 units.
For Giuseppe Ciongoli, President of Rolls Royce Italy and EMA todays agreement demonstrates how important Italy is for Rolls Royce. This agreement is a clear testimony to the contribution that our group makes to the economy, not only of the Campania region, but of the whole of Italy. The contract signed today crowns the Rolls Royce Groups strong commitment within EMA towards developing high-tech products resulting from the work of highly-skilled workers.
This is the first development contract we have signed, says Domenico Arcuri, CEO of Invitalia, and is a sign of the vitality of the Italian economy. It is significant that a foreign group such as Rolls Royce is investing in Italy, especially in a southern region. That is a new financing tool, managed by a single entity Invitalia which provides simplified procedures and may be used by both Italian and foreign investors. The agreement signed today shows that the incentives provided by the government work and can truly attract investment and create new jobs.