Marshalls Airport in Cambridge has announced plans to build a new passenger terminal within the next two years.
Marshall unveils new terminal plans
The announcement scotches rumours that the company is planning to move out from the Newmarket Road site to make way for a massive housing development on the outskirts of the city.
The buisness will be rebranded as Cambridge City Airport.
Rumours of a move were fuelled recently when the city council identified the site as a possible location for 9,000 new homes.
But Marshall Aerospace say they would only move if an alternative site which met all its needs could be found - and that was unlikely to happen for the next 10 to 15 years.
Outline planning permission for the new terminal has been submitted to South Cambridgeshire District Council.
The present teminal was built 40 years ago and has become inadequate for the airport's needs.
The company stresses that they don't plan to turn the airport into another Stansted and say it won't mean a vast increase in the number of flights.
Founded in 1909, the Marshall Group has a turnover of £2.5bn and over 5,700 employees. Headquartered on a 900-acre site in Cambridge, Marshall has three principal arms to the business: Aerospace and Defence; Property; and Ventures.