Castledawson-based Moyola Precision Engineering — a supplier of complex machined components, assemblies and tooling solutions for the aerospace, automotive and defence sectors — is planning to invest £10 million in expanding its operation and creating 50 new jobs.

Managing director Mark Semple said this investment project will be the largest undertaken in the firm’s 42-year history.

He is confident that there are major opportunities for the business, and he plans to invest in new equipment and processes to position Moyola at the leading edge of aircraft manufacturing.

Mr Semple said: “We want to make Moyola a global supplier in the aerospace sector; this investment in new technology will drive efficiencies across the business and enable us to target new aerospace programmes.

“Our new dedicated titanium machining capability addresses a key weakness in the wider UK aerospace supply chain and gives us key learning and development opportunities.

“The continued support of Invest NI has been invaluable, and this investment will help to ensure that we have the technology in place to meet future market demands.”

He added that the family-owned firm, which counts Bombardier, Airbus and Boeing among its customers, is hoping to win new sales worth £12.4 million over the next four years on the back of its multi-million-pound investment.

Invest NI has offered Moyola (www.moyola.com), which currently employs 120 people, £1 million in financial support towards the cost of its investment project.

Invest NI chief executive Alastair Hamilton said: “This is the largest investment Moyola has ever undertaken, and it is a clear signal of the global ambition of this family business.”