Ballymena-based The Wright Group is to invest £7 million in market-le innovation with support from Invest NI and the European Regional Development Fund.
The company is to engage in a number of research and development projects to develop new environmentally friendly technologies and cost effective bus designs to take advantage of changing demands in the marketplace. This will be complemented by a programme of staff training.
The announcement was made as the company unveiled its latest bus design, a unique double decker bus which is targeted at the increasingly competitive Asian market.
“The downturn has had a significant impact on our business with orders from a number of key markets either put on hold or cancelled, particularly in the first six months of 2009,” Mark Nodder, managing director of Wright Group said. “Business has been slow to recover and while we had no choice but to implement a number of cost cutting measures, we recognised the importance of keeping your team together and preparing for the upturn.”
“The investments will be directed towards developing innovative products and becoming world-class in manufacturing and will form the core of our plans to maintain the company’s position as a global leader in the provision of cutting edge public transport technologies. “