Castledawson based specialsist Moyola Precision Engineering aims to create 50 new jobs as part of a £10 million investment to become a global supplier in the aerospace sector.
The four-year plan will see the firm expand its capabilities as it aims for a place among the top level firms in the sector with £1m in backing from Invest NI for building work , new equipment and ICT.
The company hopes to generate £12.4m of additional sales and recruit 50 new jobs by 2021.
“This is the largest investment Moyola has ever undertaken and is a clear signal of the global ambition of this family business,” said Invest NI chief executive Alastair Hamilton.
“This precision engineering firm contributes significantly to Northern Ireland’s dynamic and rapidly growing cluster of companies engaged at the leading edge of advanced aerospace design and manufacturing.
“Invest NI’s ongoing relationship with Moyola as a trusted business partner provides a catalyst for Moyola’s continued strategic development. The £1m offer of support is enabling the company to introduce new capabilities including titanium machining which in turn will help leverage new jobs and additional sales.”
The scale of the investment would strengthen and enhance Northern Ireland’s Aerospace proposition and represented “tremendous” news for a manufacturing industry that accounts for more than 14% of all local economic output and for one in every nine local jobs.
Moyola provides sub-contract services to the aerospace, transport, material handling, defence, medical devices and IT industries and currently employs 120 people.
“We want to make Moyola a global supplier in the aerospace sector and this investment in new technology will drive efficiencies across the business and enable us to target new aerospace programmes,” said managing director Mark Semple.
“The £12.4m of additional sales and 50 new jobs we hope to secure over the next four years as a result of this investment will demonstrate our progress along this trajectory.
“Our new dedicated titanium machining capabilities addresses a key weakness in the wider UK Aerospace Supply Chain and provides us with key learning and development opportunities that will position us at the leading edge of aircraft manufacturing.
“The continued support of Invest NI has been invaluable and its support with this investment will help ensure we have the technology in place to meet future market demands.”