Euro-Composites is pursuing its policy of continuous investment to remain a leader in competitive markets such as aviation and space.
On June 12, 2019, an agreement to further develop the Euro-Composites site in Echternach, Luxembourg was signed between the company, the Luxembourg government, the City of Echternach, and the Société Nationale de Crédit et d'Investissement (SNCI).
This agreement is dedicated to the future development of Euro-Composites in Luxembourg and foresees in particular investments of 160 million euro by the company for the extension of its production and administrative buildings as well as the acquisition of new state-of-the-art equipment over the period 2020-2030. These investments will create 100 new jobs and are part of the company's sustainable development strategy, active in the Grand Duchy since 1984.
The agreement between the parties confirms on one hand the long-term confidence of Euro-Composites' management in Luxembourg as the site of choice for an innovative and technologically advanced industry, and on the other hand affirms the support of public authorities for the continued development of a high-tech industry. Strongly focused on research and innovation, the company is pursuing its policy of continuous investment to remain a leader in competitive markets such as aviation and space. In 2018, the Euro-Composites group generated a turnover of 179 million euro and currently employs 850 people in Luxembourg and nearly 1100 worldwide.
Deputy Prime Minister and Minister of Economy, Étienne Schneider, said:
Euro-Composites' activities in the space sector show that, besides attracting new start-ups, the Luxembourg SpaceResources.lu initiative also presents an increasing opportunity for established industrial companies that master advanced technologies.