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80 jobs at risk as aerospace firm goes into insolvency

More than 80 jobs are at risk after a Co Londonderry aerospace firm went into administration.

Schivo NI, which bought over Maydown Precision Engineering, employs 83 people in making precision components for aerospace giants such as Airbus and Boeing.

Now business advisory firm Duff & Phelps has been appointed administrator after the company became insolvent.

The parent company of Schivo is based in Waterford in the Republic.

Schivo NI has not filed full accounts but in January last year, a charge on its building and premises was registered by Allied Irish Banks (AIB).

Speaking in July 2015 when Schivo acquired Maydown, its chief executive Seamus Kilgannon said the deal showed that it was "willing to invest in the long-term future of the company".

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