Northern Ireland aerospace firm with global ambition in £10m investment
A Co Londonderry aerospace firm with annual sales of nearly £18m is investing more than £10m in a bid to become a global aerospace supplier.
Moyola Precision Engineering, which employs 120 people in Castledawson, hopes to generate an additional £12.4m sales and create another 50 jobs after its biggest ever spending programme.
It's a subcontractor to the aerospace, transport, material handling, defence, medical devices and IT industries with customers including Airbus, Boeing, Bombardier and Thales.
The firm, run by two generations of the Semple family, exports to Western Europe, North America, the Far East and South Africa.
And economic development agency Invest NI is supporting its latest investment with around £1m in funding.
Managing director Mark Semple 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."
And he said investment in titanium machining will put it at the "leading edge" of aircraft manufacturing.
In its most recent results for the year ending March 31 last year, published earlier this month, the firm reported sales of £17.9m - up 26% from £14.2m.
And its pre-tax profits also soared by 53% from £1.9m to £2.9m.
A strategic report filed with the accounts said: "The directors are confident that the company can continue to thrive in a challenging industry, and can continue to enhance its own reputation, and that of Northern Ireland generally, as significant contributors of leading-edge, high-quality precision engineering expertise."
The company also described investment in research and development as "core to enable it to continue to develop its status and its reputation in the industry".
Invest NI chief executive Alastair Hamilton said the £10m investment was the biggest ever undertaken by the business, which was founded by husband and wife Raymond and Ann Semple, and signalled its "global ambition".
"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 £1m 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."