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Staff at the Ford plant in Bridgend are celebrating the news that they've landed a massive £24m investment. Half of that will be coming from the Welsh Government. The money will be used to start production of a new engine.
Ford, which employs 2,300 workers at its Bridgend plant says the new engine will come off the production line in 2014.
Bridgend already produces 2,668 four-cylinder engines each day and staff numbers says Ford are at their highest in the plant's 33-year history.
The £24m worth of investment announced today includes a grant of £12m from the Welsh Government.
Today's announcement by Ford that it will build a new engine at it's Bridgend plant in 2014 is being supported by the Welsh Government which is contributing £12m in funding.
Ford says the multi-million pound investment package at its Ford engine plant in Bridgend will help safeguard jobs.
The £24m will be spent on producing a new engine.
Ford says the 1.5-litre EcoBoost petrol engine uses technology that delivers the power of a larger engine with smaller unit fuel consumption. Production will start in 2014.
It will be built alongside the 1.6-litre EcoBoost engine, which was introduced in 2011.