- What companies are getting the largest chunk of the almost half a billion dollars
- How much money Boeing, GE, and Pratt & Whitney were awarded
The Biden administration says it will give $482 million to aviation manufacturers to help save jobs at companies that are still struggling because of the pandemic. The Transportation Department said Monday that companies getting the money are forbidden to lay off employees or cut their pay. The government says the money will protect up to 22,500 jobs. The pandemic caused a sharp drop in air travel that reduced demand for new planes. An estimated 100,000 aerospace jobs have been lost since the start of the COVID pandemic. Of the companies getting this funding, it’s reported Spirit is getting the largest chunk, at $75.5-million. That will help the company keep about 3,200 jobs.
Parker-Hannifin Corp. of Ohio, which makes hydraulic systems for planes, will get $39.7 million. The avionics unit of Japan’s Panasonic, based in California, will get $25.8 million, and several U.S. subsidiaries of France’s Safran S.A. will get a total of $24.8 million. The Federal Aviation Administration, part of the Transportation Department, recently awarded $100 million to aerospace companies including Boeing, General Electric’s aviation division and jet engine maker Pratt & Whitney to make planes less polluting and quieter.