GKN has bought the manufacturing operation at the Airbus factory in Filton, south Gloucestershire, for £136 million following months of negotiations.
The site was offered up for sale by Airbus parent company EADS as part of its Power8 restructuring programme.
“The acquisition of the Filton wing components and assemblies manufacturing operation is a further exciting step in the development of GKN’s aerospace business,” said GKN chief executive Sir Kevin Smith.
“The strategic logic is compelling. It brings a long-term partnership with Airbus and a strong order backlog which supports solid growth.”
The company plans to invest £125 million over the next five years in developing the site as a centre of excellence.
Chief executive of the SBAC Ian Godden welcomed the news, saying: “Aerospace in the UK is a manufacturing success story and this deal will ensure that a site that plays a significant part in that success continues to do so.”