France sells stake in jet engine firm Safran

  • 14 November 2013
  • From the section Business
Safran factory

The French government is selling a 3.6% stake in jet engine maker Safran worth 937m euros ($1.3bn).

France's Finance Minister Pierre Moscovici says the proceeds will finance new investments "designed to boost the national economy".

The government will remain Safran's biggest shareholder with a stake of more than 22%.

The government has also recently sold stakes in aerospace group EADS and airport operator ADP.

The funds are being used to finance $12bn euros of state investment in a hope to boost growth and drive down unemployment.

Safran is considered one of France's leading industrial firms and makes engines for airliners, combat aircraft, helicopters and missiles.

It has a partnership with GE called CFM international which makes engines for Airbus and Boeing aircraft, including the A380 superjumbo.

It also makes electronics for the defence industry and security equipment.

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