WORKERS at Barnoldswick's aerospace factory were today celebrating a multi-million pound investment which will safeguard 750 jobs.

Rolls Royce announced the Bankfield factory will benefit from a £100million investment in its UK factories.

The investment is welcome news for the East Lancashire economy following the 1,000 jobs blow at BAE Systems in Samlesbury and Warton in April.

The Barnoldswick site manufactures fan blades and other components used in Rolls Royce's Trent family of jet engines.

An agreement of "modern working practices" for workers was also announced which includes swapping existing overtime arrangements for all-inclusive salary deals.

A spokesman at the site for union Amicus said: "The investment is very good news and secures business for Barnoldswick.

"For the last five years, all we have had is redundancies."

Elizabeth Bell, a Barnoldswick councillor, said: "This is a great boost to Barnoldswick, its residents and all the people who work at Rolls.

"It's absolutely brilliant to hear about this. It will also be a welcome boost to the local economy."

The good news follows jobs being cut in recent years at the site.

In 2002, around 250 jobs were axed following a downturn in business since the September 11 terrorist attacks.

The new cutting-edge factory will replace old mill buildings that are around 100 years old and will be demolished.

The factory will manufacture static compression components used in jet engines to compress air.