Magellan Aerospace, the Canadian group, which supplies products and services to major corporations from Airbus to Bombardier, is to invest £6 million in Northern Ireland and create 47 jobs at its Greyabbey operation.
The Ontario headquartered group which engineers and manufactures aeroengine and aerostructure components for aerospace markets, has had a presence in the North since it acquired John Huddleston Engineering in 2012.
Magellan, which currently employs 109 people, lists major aerospace groups from Boeing to GKN and Spirit AeroSystems among its key customers.
It intends to construct a new specialised assembly facility and invest in additional advanced machining technology at its Greyabbey plant.
It will receive £700,000 in support from Invest NI towards the cost of the investment project.
Haydn Martin, Magellan’s vice president business development Europe, said the acquisition of John Huddleston Engineering had strengthened its core manufacturing capabilities and expanded its European operations.
“This investment takes the Greyabbey plant to the next level and will enable us to support growth in our key customer programmes,” Mr Martin added.
The North's Enterprise Minister Arlene Foster believes the latest investment by Magellan will also enhance the local aerospace sector.
“It will strengthen Magellan Aerospace (Greyabbey) as a supplier of machining, assembly, supply chain management and logistics to the global aerospace industry.
“The new advanced manufacturing jobs will contribute additional salaries into the local economy as well as introducing new manufacturing skills into Northern Ireland,” the Minister added.
Magellan recently reported record quarter revenues for the second quarter of 2014.
Gross profit for the second quarter of 2014 was 34.5 million Canadian dollars, while and net income was C$13.6 million.
Latest research from the UK aerospace trade organisation, ADS Group, shows rising global demand as many airlines look to upgrade or increase their fleets has delivered a major business boost for UK companies operating in the aerospace sector.
The ADS Group said record orders for new aircraft and engines in July had resulted in the largest ever month-on-month increase in the UK order book which is estimated to be worth between £135 billion and £155 billion to the UK over the next nine years.
Earlier this year a new strategy was launched in the North - the Northern Ireland Partnering for Growth - which outlined plans to more than double revenues from the local aerospace, defence, security and space sectors to more than £2 billion per year.
It is hoped the strategy will increase direct employment in the sector from 8,000 to 12,000 over the next decade.
