Research partners of the MTC include the University of Nottingham, Loughborough University and the University of Birmingham.
"Coventry is at the centre of the British manufacturing industry and I want to make sure it is at the centre of British technology," the BBC quotes Osborne last week. "This investment will mean some of the world's most advanced manufacturing is happening right here."
Specifically, the funding will support the creation of the National Netshape and Additive Manufacture Centre. This will develop processes such as 3D printing for metallic and alloy components for aero-engines, and aircraft landing gears as well as automotive and medical products, says the MTC.
The investment is part of the wider £2 billion of joint government and industry funding that will be invested in technology, engineering and manufacturing over the next seven years.
"The MTC’s mission is to 'Inspire Great British Manufacturing' and working in partnership with the UK Government through Technology Strategy Board, the Aerospace Technology Institute and other Catapult centres; we believe we can double the value the manufacturing sector creates for the UK economy," said Dr Clive Hickman, Chief Executive of the Manufacturing Technology Centre.