Monaghan-based forklift group Combilift will create 100 new jobs over the next three years, swelling its workforce to 250.

The company, which opened its €10 million headquarters in Monaghan town yesterday, manufactures the world's first engine-powered, all-wheel drive multi-directional forklifts.

It was founded in 1998 by entrepreneurs Martin McVicar and Robert Moffett and the company has grown to become the global leader in the long-load handling market.

Mr McVicar, Combilift's managing director, said that the new facility in Monaghan would help the company to strengthen its position in global markets by developing its product range and that it would expand its ability to manufacture up to one unit per hour.

The Minister for Enterprise, Trade and Employment, Micheál Martin, officially opened the new facility. Mr Martin said the international successes of Combilift and other Irish entrepreneurial companies was a foundation stone of Ireland's remarkable economic performance over the past 10 years.

Combilift exports 94 per cent of all its forklifts to more than 45 countries, with India and Dubai being its newest markets to be developed.

Over the next four years, the company projects that exports will increase from €60 to €100 million. The US accounts for almost 30 per cent of the company's sales followed by the UK and France.

Mr McVicar said the company maintained a very close link between research and development and marketing.

"The two functions are always connected. This means everything we do is driven by our customers' needs and we're always first to market what we're offering," he said.