Sheffield shares £30m R&D fund

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Two Sheffield companies are set to share in £30m of funding for aerospace research.

Deputy Prime Minister Nick Clegg announced support for 11 projects benefitting companies including Arnold Magnetic Technologies Ltd and Magnomatics Ltd in Sheffield, as well as Sheffield University.

The money will be used in four areas: wings, engines, aircraft structures and radio communications.

Nick Clegg said: “The UK’s aerospace industry is going from strength to strength and helping our economic recovery.

“We are the number one aerospace industry in Europe and second only to the United States globally.

“I want to ensure the UK remains at the cutting edge of aerospace innovation.”

“By working in partnership with business, we are building a stronger, more balanced economy, creating more jobs and sharing the wealth equally.”

The funding - £19m of which is from taxpayers - was awarded following a competition run by the Technology Strategy Board on behalf of the Aerospace Technology Institute.

It is part of a £2bn new planes project.