Ballymena bus manufacturer, the Wrights Group, plans to acquire the 100-acre site which was formerly the JTI cigarette factory in its home town.

Details of the transaction have not been disclosed but the group, which is currently marking its 70th year in business, said it has exchanged contracts on the site and hopes the deal will be completed early next year.

Mark Nodder, chief executive and group chairman of Wrights, said on Monday: "Our current operations in Galgorm have become somewhat 'landlocked' in recent years, as substantial growth across the various parts of our business has progressively taken up all the land that we have owned.

“The imminent closure of the JTI facility has presented us with an opportunity to secure a substantial site, which will give us the additional space and operational flexibility we require to ensure that our future growth and development plans are not hampered by real estate constraints.”

The group said it is too early to outline its specific plans for the Lisnafillan site but it said one possibility could see it as a location to develop advanced engineering and R&D facilities.

Meanwhile Wrights has also invested £300,000 in a new technology centre at Queen’s University which will be named after the co-founder of the Ballymena company.

The university has matched the £300,000 investment in the William Wright Technology Centre which will focus on research and advanced engineering to facilitate the creation and development of new technologies the bus industry.

Dr William Wright founded the original bus company in the Co Antrim town with his father in 1946 and next year will celebrate his 90th birthday. He is still actively involved in the business and heads up its alternative driveline division.

Commenting on the investment in Queen's, he said: "At Wrightbus, we believe our 'special relationship' with Queen's University sets us apart from many other manufacturers within our industry. This is important work that helps us to not only attract and nurture the best engineering talent, it will also lead to the identification of cutting edge projects that will ultimately become viable commercial developments. This applies not only for the bus sector but also for the wider transport industry".