Foster announces £29million investment by Schrader Electronics
Photographer: Harrison Photography
Pictured at Schrader Electronics with Minister is Graeme Thompson, Finance Director, Schrader.
Enterprise Minister Arlene Foster today announced investments totalling £29million by Schrader Electronics.
Schrader Electronics is a global market leader in the design, development and manufacture of remote tyre pressure monitoring systems for the automotive sector. Based in Antrim and Carrickfergus, the firm is part of the automotive and industrial division of Tomkins.
Invest Northern Ireland offered Schrader over £5million, part funded by the European Regional Development Fund (ERDF), towards these investment projects.
Of the total assistance offered by Invest NI, £1.9million will support the expansion of Schrader’s production facilities, ultimately creating a total of 130 new high quality jobs and helping the company to target the European and Asian markets.
To support this, Schrader is undertaking a series of significant research and development (R&D) projects to explore new advanced products to increase competitiveness in key markets.
Schrader will also implement a major training and development initiative to further enhance the highly advanced skills base of both its new and existing workforce.
Speaking at Schrader’s Antrim factory, Arlene Foster commented: “The creation of 130 new manufacturing jobs is a significant boost for both local industry and the wider economy. It is positive news that the expansion plans are ahead of target, with 110 of the new jobs already in place.
“This investment will ensure the company has a world class facility, the most innovative products and the best people in place to exploit future opportunities in world markets.”
The Minister added: “Schrader is a renowned manufacturing company whose innovations and focus on R&D continue to enhance the credibility and reputation of Northern Ireland’s automotive sector. This multi-million pound investment, which was secured against strong competition from other European locations, demonstrates Schrader’s confidence in its Northern Ireland operations.
“Schrader’s plans to diversify and expand its product offering will help to position the business as a centre of excellence for both manufacturing and R&D activities within its parent company, Tomkins. With impending European legislation requiring all motor vehicles to be fitted with tyre pressure monitoring systems, Schrader’s customer base is expected to double by 2015.”
Graeme Thompson, Financial Director of Schrader Electronics, commented: “This investment forms part of our strategy to boost our competitiveness, so that we are in a strong position to meet the expectations of an expanding global market. Our R&D projects will enhance the innovative culture in our operations and ensure that we have the depth of product range to satisfy more complex European markets.
“The support offered by Invest NI will be vital as we work to drive top line growth and improve cost efficiencies. By reshaping our portfolio we can maximise new business opportunities and help secure the long term success of our company.”