Posted on Thursday 10 October 2013 by Ulster Business

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Invest NI's Alastair Hamilton and Enterprise Minister Arlene Foster made the announcement with Kieran Hegarty from Terex.

US-headquartered construction machinery giant Terex Corporation has become the latest big name to commit to new job creation plans in the run up to tomorrow's Investment Conference at Titanic Belfast.

The multinational company has announced plans to invest £21.7m in its local operations, creating around 260 new skilled jobs in Co Tyrone.

The project includes a capital investment of £19.2m in buildings and equipment and it will deliver at least £5.5m annually in additional wages and salaries through the creation of the new jobs. The new jobs at Terex GB will be created over the next four years with £2.6m of support from Invest NI.

The NYSE-listed company, operating in Northern Ireland as Terex GB Ltd, manufactures a range of mobile materials processing equipment under its Powerscreen and Terex Finlay brands at factories in Dungannon and Omagh.

In addition to the construction of new factory space and purchase of new equipment, Terex will continue to invest in R&D to support its growth plans and new business initiatives.

Kieran Hegarty, President of Terex Materials Processing, said: "This significant reinvestment in Northern Ireland marks an exciting chapter in Terex Corporation's 13 year history in Co. Tyrone and will be a major step in our long term growth plans. We expect our turnover to increase further over the coming years and we will need to expand our factory space and workforce to cope with projected demand.

"The assistance offered by Invest NI has been instrumental in our decision to expand here and this project will help to strengthen Northern Ireland's position as a centre of excellence for mobile crushing and screening, from design through to manufacture and to global sales.

"Our talented and committed workforce has already made a valued contribution to our success to date, and we are confident the local workforce will continue to help drive our company's growth in global markets."

In addition to the 1,100 full time workers at Terex® factories in Dungannon and Omagh, the business directly supports several hundred additional manufacturing jobs in Northern Ireland through its extensive local supply chain.

Terex GB Ltd comprises the former Powerscreen International Ltd. (Dungannon), and Finlay Hydrascreens (Omagh) Ltd. companies. Together they manufactured and sold almost £300m of product outside Northern Ireland in 2012.

Enterprise Minister Arlene Foster noted that the jobs announcement followed news yesterday that 40 skilled jobs were being created in Omagh by Telestack, another company operating in the crushing and screening sector.

"Over 300 new jobs is extremely positive news for Tyrone and it will not only benefit the local area but contribute positively towards to the wider Northern Ireland economy," the Minister said.

"Terex GB is one of Northern Ireland's top engineering companies and this decision to expand is a boost for Northern Ireland's vibrant materials handling sector. It also acknowledges the value which the Terex Corporation places on the skilled and educated workforce available here.

"As well as providing skilled employment opportunities in the local area there is also the potential that this investment will create further skilled jobs in the Terex manufacturing supply chain."

Turning to the Investment Conference, Arlene Foster added: "As we welcome over 120 senior international executives to Northern Ireland for tomorrow's Investment Conference, this announcement is an excellent example of the positive experiences of existing international investors. It clearly demonstrates that although Northern Ireland is small it is able to successfully meet the needs of large international businesses."

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