Foster announces major investment by Moyola Precision Engineering
Enterprise Minister Arlene Foster today announced that Moyola Precision Engineering is investing £5.3million to strengthen its design and manufacturing capabilities to target complex aerospace components.
The announcement came during the Minister’s visit to the Castledawson company, which is a manufacturer of high precision machined components for a range of sectors including aerospace, automotive, medical devices and power generation.
This investment will create 15 new jobs and safeguard a further 20, taking the total employment in Castledawson to 117. Invest Northern Ireland has offered £616,500 of support towards the investment with part funding from the European Regional Development Fund.
Arlene Foster said: “Moyola is one of our local success stories, having substantially enhanced capability in recent years through its continual investment in state-of-the-art manufacturing, design technology and staff development.
“This new investment represents a major step towards establishing Moyola firmly in the global aerospace supply chain by developing its capability in design, manufacturing and assembly operations.”
“The salaries generated by this project will be almost £800,000 a year and will be above the Northern Ireland private sector median, providing high valued engineering jobs that the Programme for Government is seeking to create in order to rebalance and rebuild our economy.”
Continuing the Minister said that the aerospace sector is an important one in the UK being the global No.2 player behind the USA.
She said: “Northern Ireland aerospace sector has a considerable impact with the sector generating nearly £1billion in sales and a key leader of innovation.
“Moyola is a leader in machining capability and already supplies highly complex components to the global aerospace supply chains of Airbus, Boeing and Bombardier. This investment will enhance Moyola’s technical capabilities and help generate further success.”
Mark Semple, Managing Director of Moyola Precision Engineering, said: “This investment will allow us to reconfigure our site to accommodate larger, more complex machining centres and to install new high technology equipment. This in turn will allow us to target higher value added and more complex projects.”