Foster announces £3million investment by Ballymoney company
Enterprise Minister Arlene Foster has announced that Ballymoney company McAuley Engineering is investing almost £3million in new product development and market diversification with support from Invest Northern Ireland.
The precision engineering company anticipates that it will create 32 new jobs as a result of the investment, bringing total employment at the company to 112.
Invest NI has offered over £200,000 of support, part funded by the European Regional Development Fund (ERDF).
Announcing the investment, Arlene Foster said: “McAuley Engineering has been successful in growing both revenue and profitability in recent years within a very difficult and challenging economic environment.
“It has now set itself an ambitious target of growing its sales revenue by approximately 50% over the next three years, most of which will be generated outside Northern Ireland.
“This investment will allow the company to put in place the resources it needs to target new customers and develop new products so that it can ensure its long-term viability.
“Companies like McAuley Engineering demonstrate, that despite the continuing difficult trading environment, there are opportunities for businesses that are prepared to move out of their comfort zone and look to new markets and new products.
“Invest Northern Ireland is keen to assist this kind of innovative and export focused approach and for that reason it has made support more easily available through its Boosting Business programme.”
McAuley is also benefitting from a wide range of advisory and financial support from Invest NI in the areas of design, trade, human resources and IT. In addition, it is receiving technical assistance from Invest NI to develop an integrated management system and review its intellectual property.
Jonathan McAuley, Managing Director of McAuley Engineering, said: “We recognise that the business has reached a crucial point in its development.
“This investment is therefore key to the ongoing success of the company, in that it will enable us to undertake business development to broaden our customer base and extend our product portfolio. Invest NI’s broad range of assistance and advice will be essential to our future development.”