ROLLS Royce has announced a £60million cash boost for its base in Renfrewshire, a move which goes towards countering the job losses it announced earlier this year.

The company said it was building a new Centre of Competence at the Inchinnan site, near Glasgow Airport, which manufactures aircraft engines, for the production of aerofoils and engine shafts.

A spokeswoman said the move would reduce the 187 job losses announced in March by creating around 130 jobs.

She said it should “help to offset the job reductions".

Rolls-Royce announced a strategy last November to cut a total of 2,600 jobs over 18 months.

It currently has 54,000 employees in more than 50 countries, making and servicing aero-engines for airlines, ships and military use. Last year, it had turnover of more than £14billion.

Rolls-Royce chief operating officer Mike Mosley said: “Rolls-Royce is focused on transforming our global industrial base to develop our world-class, competitive supply chain, concentrating investment in high-technology and high-intellectual property in key areas to help us deliver to customers.

“Our investment in Inchinnan demonstrates our commitment to innovative technology and world-class facilities which will improve performance and drive profitable growth for our business.

“We recognise the dedication and flexibility of the Inchinnan workforce who continue to play a key role in the success of Rolls-Royce.”

The new centre will manufacture a range of aerofoils, including turbine and compressor components, for Rolls-Royce engines that are no longer in high volume production, such as the Adour and BR715.

The spokeswoman said it required a “flexible workforce with a high degree of specialist knowledge".

It was announced in March that more than 200 jobs were to go at Rolls-Royce plants at Inchinnan and East Kilbride.

Staff were told that around 180 posts were going at Inchinnan, reducing shop floor workers by a third.

Another 30 were earmarked at the repair and maintenance base at East Kilbride.

Paisley and Renfrewshire North MP, Gavin Newlands, said: "I am delighted to welcome the news that Rolls-Royce is to invest £60million in their site in Inchinnan in my constituency, an investment to support the creation of a new Centre of Competence to support Rolls-Royce's business.

"Whilst Roll-Royce’s investment in the site is, of course, welcome news to the workers at the site in Inchinnan and their families, as it potentially mitigates previously announced job losses, it is also great news for the local economy in Renfrewshire too."

Renfrewshire Council leader Mark Macmillan said: "This significant investment is a tremendous vote of confidence in the workers and management at the Inchinnan plant.

"For a world-leading manufacturer to choose Renfrewshire as a focus for further investment is also a tremendous boost for the Renfrewshire economy."

In February Rolls-Royce reported its first fall in revenues for a decade as underlying sales for 2014 fell 6% to £14.6 billion, hit by defence spending cuts and falling commodity prices. Its underlying profits were 8% lower at £1.62 billion over the same period.

In April, the firm was buoyed by its biggest-ever order when Dubai-based airline Emirates signed a contract worth 9.2 billion dollars, around £6.1billion, for Trent engines to power 50 Airbus A380 super jumbos that will enter service from 2016.

It also announced that chief executive John Rishton's had decided to stand down