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Currency fluctuations to hit Northern Ireland plane parts firm in pocket after EU vote

By John Mulgrew

Published 28/06/2016

Joanne Liddle, managing director at IPC Mouldings
Joanne Liddle, managing director at IPC Mouldings

A Northern Ireland manufacturer which supplies parts to the aerospace industry says it "remains unclear" what Brexit will mean for its business but that the fluctuation of the currency value "will have an impact" on business.

Joanne Liddle, managing director at IPC Mouldings, said: "IPC Mouldings like many other UK businesses is coming to terms with the decision of the EU Referendum and the imminent fallout.

"It remains unclear at the moment as to what this means for our business and its future.

"We don't currently engage with businesses in the EU market, but hope to do so in the very near future.

"The bulk of our business is in the UK and North America, thus the fluctuation of the currency value will have an impact on our business.

"We are waiting to see what the next few days and weeks bring and hope that the markets settle soon."

Her comments come as French aerospace giant Airbus moved to quell fears it could move its UK operations elsewhere.

A number of Northern Ireland firms, including Denroy in Bangor, supply parts for Airbus, and other aerospace firms.

Denroy did not respond when asked about the impact Brexit could have on its business.

Bombardier said it did not wish to add any more about what impact the UK leaving the EU would have on its business.

Meanwhile, IPC, which employs 25 people in Carrickfergus, will be attending this year's Farnborough Air Show. The tool manufacturer and injection moulding company makes parts which are used in aero engineering.

"This is a huge step for IPC Mouldings. Although we're a relatively small company we compete on a global scale," Ms Liddle said.

Last week, Bombardier said it was committed to its operations here.

"As always, we are committed to our businesses, all our employees and our customers in the UK, and we will continue to work with the Government and other industry stakeholders to create the necessary business environment to ensure our future success," it said.

But one aviation expert warned that leaving the European Union would lead to "great uncertainty for Belfast workers and their actual and potential customers in Europe".

And the plane maker could be hit, as with many other firms, due to currency fluctuations and the weak pound.

Bombardier buys a lot of its materials in US dollars, therefore could end up paying more in the supply chain.

Belfast Telegraph

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