Moyola Precision Engineering manufactures high specification machined components for a range of industries including aerospace, medical devices, power generation and automotive. Its customer base includes Airbus, Boeing, Bombardier, Howden, Michelin, NACCO, Ryobi and Thales.

Invest Northern Ireland has offered almost £1 million towards the investment, which will create 22 highly skilled new jobs. The investment will support the installation of the latest high speed precision machining centres and develop the company's computer aided design and manufacture capability (CAD/CAM).

Announcing the investment, the Minister said: "Since its establishment over 30 years ago, Moyola Precision Engineering has built a global reputation for high quality precision-machined components.

"This indigenous company constantly seeks to be innovative in both product and process development. This has helped Moyola, in recent years, to achieve significant growth in the high value-added aerospace supply sector.

"This latest investment, backed by Invest NI, will see Moyola consolidate its position as a major player in this challenging international market. The new state of the art machinery will give Moyola a capability that is unique in Northern Ireland and put the company at the very forefront of the UK aerospace supply sector."

Ms Foster added: "Invest NI's new Corporate Plan for 2008 to 2011, highlights how Northern Ireland's economy can grow through realising the potential of our existing companies. This latest investment by Moyola in building its capability in innovative and highly specialised manufacturing will help to achieve this and see the company add further value well into the future."