Minister Arlene Foster said Moyola Precision Engineering plans to expend £4.5 million in high specification machined components, for a range of industries including aerospace, medical devices, power generation and automotive.
The firm, whose client base includes Airbus, Boeing, Bombardier and Michelin, will also receive around £1m from Invest NI. The expansion is expected to create an additional 22 highly skilled jobs at the plant.
The investment plan will support the installation of the latest high speed precision machining centres, and develop the company's computer aided design and manufacture capability (CAD/CAM).
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Announcing the investment, the Minister said: "This indigenous company constantly seeks to be innovative in both product and process development. This has helped Moyola, in recent years, to achieve significant growth in the high value-added aerospace supply sector.
"This latest investment, backed by Invest NI, will see Moyola consolidate its position as a major player in this challenging international market. The new state-of-the-art machinery will give Moyola a capability that is unique in Northern Ireland and put the company at the very forefront of the UK aerospace supply sector. "
Ms Foster added: "This latest investment by Moyola in building its capability in innovative and highly specialised manufacturing will help to achieve this and see the company add further value well into the future."
Managing Director of Moyola Precision Engineering Raymond Semple said: "Since increasing our focus on aerospace in the last few years, we now generate around 50% of our turnover from the sector.
"This investment, the largest we have ever undertaken, will see us adopt the very latest in multi-axis machining plant, improving upon the same technology used by two of our major clients, Airbus and Boeing."
"Furthermore, the new CAD/CAM equipment will improve our technical problem-solving abilities," added Mr Semple.
(PR/JM)
