Published Tuesday, 29 April 2014
Schrader Electronics Ltd, which is a division of Schrader International, is a global market leader in the design, development and manufacturing of remote tyre pressure monitoring systems for the automotive sector.
Announcing the investment during a visit to the company's Antrim facility, Enterprise Minister Arlene Foster said: "Founded locally, Schrader Electronics has grown into a highly renowned manufacturing company, whose products are supplied to nearly every major car maker in the world.
"This is the second significant expansion by Schrader in the last three years and it is a ringing endorsement of the company's Northern Ireland operations, which currently employ almost 1,000 people.
"The 241 new jobs will generate almost £7m a year in salaries and offer high value employment and training opportunities for local engineers."
Invest NI has offered almost £10m of support, part-financed by the European Regional Development Fund under the European Sustainable Competitiveness Programme for Northern Ireland.
The major investment will see the company expand its production facilities and create 241 high quality new jobs over the next three years.
It is also undertaking five research and development projects, and a major staff training programme to equip its engineers with the latest design and production techniques.
Schrader's new projects include developing next generation versions of the company's highly successful tyre pressure sensors and valves.
Stephen McClelland, Schrader Electronics' Managing Director, added: "We expect to double turnover within three years due to both tyre pressure monitoring becoming mandatory this year in Europe, and a number of exciting new product opportunities.
"Our success stems from our strong R&D base developing and commercialising new products to world class manufacturing standards. This will also allow us to consolidate our position as the world's leading manufacturer and innovator of sensing and valve solutions for the automotive sector.
"Our Northern Ireland operations are central to R&D, process and systems development and this investment will further enhance their role within the company. Invest NI's support will ensure that we can move quickly to get the new staff in place and the R&D projects underway."
© UTV News