Eurocontrol’s SESAR Joint Undertaking (JU) said Friday it signed 16 contracts valued at $2.7 billion for the creation of Europe’s future air traffic management system. The mission of the SESAR JU is to ensure the modernization of the European air traffic management by coordinating and concentrating all relevant research and development efforts in Europe, the group said. Among the companies, airports and air navigation service providers signing contracts are AENA of Spain, DSNA of France, DFS of Germany, Airbus, Thales, Honeywell and Alenia Aeronautica. “In the context of a global recession, the financing and timely development of SESAR has become literally vital,” said Antonio Tajani, commission vice president in charge of transport. “Public-private funding kicks in to support ATM research and development at a time when global economic uncertainty is prompting businesses to manage their cash with extreme caution. On top of green and safety objectives, SESAR will also contribute to the viability of the entire sector, as it will cut air transport operating costs in the longer term.”