DERRY aerospace firm Maydown Precision Engineering (MPE) has been acquired by Waterford company Schivo.
It will create a major cross border supplier for aircraft manufactures including Bombardier, Boeing and Airbus.
Schivo said the 133-strong workforce at Maydown's 130,000 sq ft facility would continue to be based there, as will all existing contracts.
The expandedd group will now employ 360 people and will also work in the medical technologies, and oil and gas sectors.
Maydown supplies key components of the aero-structure, aero-engine, nacelle (engine housing) and actuation systems for leading aircraft manufacturers.
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 has long-standing experience of successfully servicing the aerospace market and is an excellent strategic fit for Schivo. This acquisition considerably strengthens and broadens Schivo's key technical engineering expertise in supplying the aerospace market, and will increase the organisation's sales and revenues from the sector.
"This deal creates a significant indigenous engineering supplier to the global aerospace industry on the island of Ireland one whose customers work on Airbus, Boeing and Bombardier programs."
MPE managing director Sean Phelan added: "This deal represents a new chapter in MPE's story. It secures the future of the company and presents tremendous opportunities for us.
"For nearly 30 years we have supplied the aerospace industry. By becoming part of a larger organisation, MPE will be able to better support its customers. It will enable greater investment and commitment to customers in the future.
"The scalability and efficiencies that we can now bring to existing and prospective clients has the potential to grow the sector further on both sides of the border."
