Tyrone-Based block manufacturer Finlay has invested £5 million sterling (#8 million) in a new production facility to support its export ambitions.

Finlay Block Manufacturing Equipment, which was established almost 50 years ago, plans to expand its product portfolio to take advantage of new market opportunities in Europe and the United States.

Mr Hubert Watson, the managing director of Finlay and a former chief operating officer of Powerscreen International, said the investment would secure the company's future success.

"The Finlay name is synonymous with engineering in Co Tyrone and, by making this investment, we are laying the foundations for an exciting period in the future. Today's investment will be the catalyst to enhanced global business opportunities that will create further jobs and import skills and experience back into the economy," Mr Watson said.

The company currently employs 90 but Mr Watson said it plans to increase employment significantly over the next 18 months.

Mr Watson said the company planned to export its stationary block production unit to the United States and to select markets in Europe, such as Germany.

The company has received up to £500,000 sterling in financial support from the Industrial Development Board towards the cost of the investment. Mr Leslie Ross, the acting chief executive of the agency praised the Tyrone company's vision during a visit to the plant yesterday. "This is a good example of a small to medium-sized locally owned family business making ambitious decisions to develop its competitive edge," he said.