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14/01/2013
Maydown Precision Engineering Secures Over 100 Jobs
A L'Derry engineering firm says it will secure over 100 jobs in 2013 and create additional jobs in the next four years to respond to growing demand for its services, thanks to a £500,000 loan from the £50m Growth Loan Fund.
Maydown Precision Engineering Ltd is among the first of 18 companies to have already secured approval for finance from the Fund, which launched only in June last year and commenced its investment period from September.
Finance for the £50M Growth Loan Fund – which provides mezzanine finance to established Northern Ireland SMEs seeking to access growth finance – has been provided by Invest Northern Ireland and private investor, Northern Ireland Local Government Officers' Superannuation Committee (NILGOSC).
Established in 1985, Maydown Precision Engineering is now one of the largest subcontract engineering companies in Northern Ireland, manufacturing machine components and small sub-assemblies predominantly for the aerospace industry throughout the UK, Europe, US and Asia. The company is supplying key components to Bombardier, Airbus and Boeing aircraft programmes.
The firm currently employs around 100 people at its site in Maydown and says that the loan from the Fund will help underpin these jobs as it responds to recent business wins and a steady growth in demand for its services.
(CD/GK)
Maydown Precision Engineering Ltd is among the first of 18 companies to have already secured approval for finance from the Fund, which launched only in June last year and commenced its investment period from September.
Finance for the £50M Growth Loan Fund – which provides mezzanine finance to established Northern Ireland SMEs seeking to access growth finance – has been provided by Invest Northern Ireland and private investor, Northern Ireland Local Government Officers' Superannuation Committee (NILGOSC).
Established in 1985, Maydown Precision Engineering is now one of the largest subcontract engineering companies in Northern Ireland, manufacturing machine components and small sub-assemblies predominantly for the aerospace industry throughout the UK, Europe, US and Asia. The company is supplying key components to Bombardier, Airbus and Boeing aircraft programmes.
The firm currently employs around 100 people at its site in Maydown and says that the loan from the Fund will help underpin these jobs as it responds to recent business wins and a steady growth in demand for its services.
(CD/GK)
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