Published Wednesday, 23 July 2014
The company supplies parts for Bombardier aircraft. (© Bombardier)
Maydown Precision Engineering (MPE) said it comes on the back of an investment from A2E Venture Catalysts, which made it a majority shareholder.
The move has been described as "great news" by the company's MD Sean Phelan.
He added: "Our plans include an increase in the specialist workforce of circa 40 in the near future".
MPE currently employs 135 workers at its base in Derry.
The company supplies parts for major aerospace companies including Bombardier, Airbus and Boeing aircraft.
Amin Amiri, from A2E, said he is "very pleased" with the investment, adding that he believes the company is poised to "expand rapidly" in the future.
He continued: "Our desire is to greatly enhance the expertise and capability of MPE."
Sinn Féin's Raymond McCartney welcomed the announcement.
He said: "The confidence of this investment will also send a positive message that the North West is competitive and a good place to invest.
"It is important that we attract more jobs of this high category into this region."
© UTV News