Century Homes, the Monaghan-based manufacturer of timber-framed houses, plans to establish a new factory in Dungarvan, Co Waterford, which is expected to employ 25 people within the first year, rising to 45 a year later. Over time a total of 80 jobs are expected to be created at the plant.

Century said it acquired the IDA advance factory in Dungarvan along with an additional 2.5 acres for just under £1 million. It will invest a further £1 million in plant and machinery at the factory which will manufacture timber-framed buildings for residential and commercial projects and will service the home and overseas markets.

The company said significant financial support from the Avonmore Waterford Group investment fund ultimately secured the project for the town.