Moyola Precision Engineering is investing over £10million over the next four years to expand its capabilities, in a bid to become a global supplier in the aerospace sector.
Invest Northern Ireland is offering Moyola £1million towards its investment in building adaptions, new manufacturing equipment and ICT. The company hopes to generate £12.4million of additional sales and recruit 50 new jobs by 2021 as a result of the expansion.
Invest NI’s Chief Executive Alastair Hamilton said: “This is the largest investment Moyola has ever undertaken and is a clear signal of the global ambition of this family business.
The scale of Moyola’s investment will undoubtedly strengthen and enhance Northern Ireland’s Aerospace proposition and is tremendous news for the manufacturing industry which accounts for over 14 per cent of all local economic output and for one in every nine local jobs.- Alastair Hamilton, Invest NI
“This precision engineering firm contributes significantly to Northern Ireland’s dynamic and rapidly growing cluster of companies engaged at the leading edge of advanced aerospace design and manufacturing.
“Invest NI’s ongoing relationship with Moyola as a trusted business partner provides a catalyst for Moyola’s continued strategic development. The £1million offer of support is enabling the company to introduce new capabilities including titanium machining which in turn will help leverage new jobs and additional sales.
“The scale of Moyola’s investment will undoubtedly strengthen and enhance Northern Ireland’s Aerospace proposition and is tremendous news for the manufacturing industry which accounts for over 14 per cent of all local economic output and for one in every nine local jobs.”
Moyola provides sub-contract services to the aerospace, transport, material handling, defence, medical devices and IT industries. It currently employs 120 people at its premises in Castledawson.
Mark Semple, Managing Director of Moyola Precision Engineering said: “We want to make Moyola a global supplier in the aerospace sector and this investment in new technology will drive efficiencies across the business and enable us to target new aerospace programmes.
We want to make Moyola a global supplier in the aerospace sector- Mark Semple, Moyola Precision Engineering
“The £12.4m of additional sales and 50 new jobs we hope to secure over the next four years as a result of this investment will demonstrate our progress along this trajectory.
“Our new dedicated Titanium machining capabilities addresses a key weakness in the wider UK Aerospace Supply Chain and provides us with key learning and development opportunities that will position us at the leading edge of aircraft manufacturing. The continued support of Invest NI has been invaluable and its support with this investment will help ensure we have the technology in place to meet future market demands.”