Acquisition of Maydown by Schivo creates big cross-border aerospace supplier
Londonderry company Maydown Precision Engineering (MPE) has been acquired by Waterford firm Schivo for an undisclosed sum.
The expansion by Schivo creates a major cross-border supplier to the global aerospace manufacturing industry, with clients including Airbus, Boeing and Bombardier.
MPE's 133-strong workforce will continue to be based at its Maydown manufacturing facility in Derry and contracts will continue to be fulfilled from there.
The expanded Schivo group will now employ more than 360 people and have a significant presence within the medical technologies, aerospace, and the oil and gas sectors.
The acquisition of MPE further expands Schivo's interests into the buoyant aerospace engineering sector which has a market value of an estimated €1.3bn (£0.9bn).
Schivo owner and CEO Seamus Kilgannon said: "This deal shows that Schivo is willing to invest in the long-term future of the company.
"This is a significant expansion into the aerospace industry that will enable Schivo to benefit from the expected global growth of the aerospace market."
MPE managing director Sean Phelan said: "This deal represents a new chapter in MPE's story. It secures the future of the company and presents tremendous opportunities for us."