Picture by Parkway Photography
Arlene Foster is pictured with Alastair Hamilton, Chief Executive, Invest NI and Kieran Hegarty, President of Terex Materials Processing.
Enterprise Minister Arlene Foster has announced a £21.7million investment by US multinational Terex Corporation that is expected to create around 260 new skilled jobs in Co. Tyrone.
The NYSE listed company, operating in Northern Ireland as Terex GB Ltd, manufactures a range of mobile materials processing equipment under its Powerscreen® and Terex® Finlay brands at factories in Dungannon and Omagh, Tyrone.
Arlene Foster said: “Today’s announcement of around 260 new jobs at Terex GB comes on the back of yesterday’s news that 40 skilled jobs are being created in Omagh. Over 300 new jobs is extremely positive news for Tyrone and it will not only benefit the local area but contribute positively towards to the wider Northern Ireland economy.”
The jobs at Terex GB will be created over the next four years with £2.6million of support from Invest Northern Ireland. The project includes a capital investment of £19.2million in buildings and equipment and it will deliver at least £5.5million annually in additional wages and salaries through the creation of the new jobs. Invest NI’s support is part funded by the European Regional Development Fund.
The Minister continued: “Terex GB is one of Northern Ireland’s top engineering companies and this decision to expand is a boost for Northern Ireland’s vibrant materials handling sector. It also acknowledges the value which the Terex Corporation places on the skilled and educated workforce available here.
“As well as providing skilled employment opportunities in the local area there is also the potential that this investment will create further skilled jobs in the Terex manufacturing supply chain.”
In addition to the construction of new factory space and purchase of new equipment, Terex will continue to invest in R&D to support its growth plans and new business initiatives.
Turning to the Investment Conference, Arlene Foster concluded: “As we welcome over 120 senior international executives to Northern Ireland for tomorrow’s Investment Conference, this announcement is an excellent example of the positive experiences of existing international investors. It clearly demonstrates that although Northern Ireland is small it is able to successfully meet the needs of large international businesses.”
Kieran Hegarty, President of Terex Materials Processing, said: “This significant reinvestment in Northern Ireland marks an exciting chapter in Terex Corporation’s 13 year history in Co. Tyrone and will be a major step in our long term growth plans. We expect our turnover to increase further over the coming years and we will need to expand our factory space and workforce to cope with projected demand.
“The assistance offered by Invest NI has been instrumental in our decision to expand here and this project will help to strengthen Northern Ireland’s position as a centre of excellence for mobile crushing and screening, from design through to manufacture and to global sales.
“Our talented and committed workforce has already made a valued contribution to our success to date, and we are confident the local workforce will continue to help drive our company’s growth in global markets.”