£5m grant saves more than 700 manufacturing jobs

More than 700 jobs will be saved in a manufacturing firm in Merseyside after the Government pledged the company a £5m grant.

The department of trade and industry grant, Selective Finance for Investment in England (SFIE), has been offered to Getrag Ford Transmissions as part of a £115m investment project to build a new six-speed transmission system.

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Getrag Ford Transmissions is a specialist manufacturer of gearboxes, employing 3,700 people in Europe, and in 2003 it generated revenues of more than £580m.

Trade and industry secretary, Patricia Hewitt, said the investment would help the facility establish itself as a globally competitive site and safeguard more than 736 jobs, helping to increase and improve local skills.