Moyola Precision Engineering invests £10m to become bigger global aerospace supplier
CASTLEDAWSON-based manufacturer Moyola Precision Engineering is investing more than £10 million over the next four years to expand its capabilities and become a bigger supplier in the global aerospace sector.
And as a result of the expansion, which has been supported by £1 million from Invest NI, the company hopes to generate more than £12 million of additional sales and recruit 50 new staff by 2021.
The company, founded in 1976 and currently employing 120 people, provides sub-contract services to the aerospace, transport, material handling, defence, medical devices and IT industries.
In recent years it has become a respected supplier of Bombardier Aerospace as well as providing supplies for both Airbus and Boeing.
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.
“Our new dedicated titanium machining capabilities addresses a key weakness in the wider UK aerospace supply chain and provides us with key learning and development opportunities that will position us at the leading edge of aircraft manufacturing.”
Invest NI chief executive Alastair Hamilton added: “This is the largest investment Moyola has ever undertaken and is a clear signal of the global ambition of this family business.
“The scale of Moyola's investment will undoubtedly strengthen and enhance Northern Ireland's aerospace proposition and is tremendous news for the manufacturing industry which accounts for over 14 per cent of all local economic output and for one in every nine local jobs.”