This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/news/uk-northern-ireland-foyle-west-28419639

The article has changed 3 times. There is an RSS feed of changes available.

Version 0 Version 1
Derry-based firm Maydown Precision Engineering to create 40 jobs Derry-based firm Maydown Precision Engineering to create 40 jobs
(about 3 hours later)
A Londonderry-based engineering firm is to create 40 jobs after bringing a new investor on board.A Londonderry-based engineering firm is to create 40 jobs after bringing a new investor on board.
Maydown Precision Engineering (MPE) will create the jobs after Manchester-based A2E Venture Catalysts bought a majority stake in the company.Maydown Precision Engineering (MPE) will create the jobs after Manchester-based A2E Venture Catalysts bought a majority stake in the company.
It did not disclose how much it had paid for the shareholding.It did not disclose how much it had paid for the shareholding.
MPE supplies parts to major aircraft manufacturers Bombardier, Airbus and Boeing.MPE supplies parts to major aircraft manufacturers Bombardier, Airbus and Boeing.
It currently employs 135 staff in Derry and has started recruiting for a further 40 engineering jobs.It currently employs 135 staff in Derry and has started recruiting for a further 40 engineering jobs.
Amin Amiri, the owner of A2E, has become a majority shareholder in MPE alongside its managing director Sean Phelan.Amin Amiri, the owner of A2E, has become a majority shareholder in MPE alongside its managing director Sean Phelan.
'Greatly enhance''Greatly enhance'
Mr Amiri said £2.5m would now be invested in the company's plant and machinery.Mr Amiri said £2.5m would now be invested in the company's plant and machinery.
He expects the business to grow by as much as 25% per year.He expects the business to grow by as much as 25% per year.
"Our desire is to greatly enhance the expertise and capacity of MPE, and our vision is to surpass being a supplier and to become the strategic partner of choice for our existing and future customers," he said."Our desire is to greatly enhance the expertise and capacity of MPE, and our vision is to surpass being a supplier and to become the strategic partner of choice for our existing and future customers," he said.
Mr Phelan said A2E would be a "strategic and long-term investor" in the business.Mr Phelan said A2E would be a "strategic and long-term investor" in the business.
He added that the "specialist workforce" would be increased by 40 jobs "in the near future".He added that the "specialist workforce" would be increased by 40 jobs "in the near future".
Corporate finance advisers Horwood Neill Holmes (HNH) brokered the deal for Maydown.Corporate finance advisers Horwood Neill Holmes (HNH) brokered the deal for Maydown.
Craig Holmes from HNH said: "It is great to see another Northern Ireland company attract outside investment to help realise its growth ambitions.Craig Holmes from HNH said: "It is great to see another Northern Ireland company attract outside investment to help realise its growth ambitions.
"MPE has a blue-chip customer base and will enhance sales globally following this investment.""MPE has a blue-chip customer base and will enhance sales globally following this investment."
Derry Mayor Brenda Stevenson said she was "absolutely delighted".
"Obviously these are high-end jobs, and Derry is an unemployment blackspot, so this is a really good news story," she said.
"We've got highly skilled people out there who are well-trained, so hopefully this will give them a boost and a bit of hope that they need."