AEROSPACE companies are not immune to the credit crunch but those that emerge from the down turn could reap lucrative rewards, according to an industry leader.

Speaking to the Lancashire Telegraph from last week’s Paris International Air Show, Northwest Aerospace Alliance chief executive Martin Wright said the industry was currently in good shape.

But he acknowledged that contracts for the civil aerospace sector were not holding up as well military contracts currently fuelling the success of firms such as Samlesbury’s BAE Systems.

Around 21 north west companies joined the NWAA on its stand in Paris.

He said: “Around 60 per cent of the north west aerospace companies are reliant on military contracts and 40 per cent on civil contracts.

“There has been fewer announcements in terms of major contracts here in Paris this week because of the current economic conditions.

“I think you might see a reduction in the number of companies in the aerospace sector because of the tough economic conditions, but the overall level of employment is something I don’t see changing.

“The amount of work available in the next two to three years is going to be enormous.”

And Mr Wright said demand for passenger aircraft created by increased travel from the Middle East would lead to $20trillion of civil contracts being made available in the next 20 years.

And these could be deals tapped into by the NWAA’s 350 members.

The north west’s aerospace sector supports 50,000 high value jobs and a huge supply chain throughout East Lancashire.

Mr Wright added: “Our work on supply chain development programmes means that members are in a good position to adapt to a changing economy.

“As an organisation we are evolving to meet a changing market and I think we are the leading aerospace cluster in Europe. We are positioned to build no that and take the industry forward.”