Schivo buys Derry firm Maydown
Waterford-based precision engineering firm Schivo has acquired Derry company Maydown, which is heavily involved in the aerospace industry.
Maydown Precision Engineering employs 113 people, who'll remain with the company's facility in Derry.
The firm supplies key components of the aero-engine, nacelle, and actuation systems for leading aircraft manufacturers.
Schivo already operates within the aerospace industry, but also has clients across a range of sectors including medical devices, telecoms, oil and gas, and electronics.
In the year to the end of June 2014, Schivo made a pre-tax profit of €1.3m, up from €348,000 a year earlier.
It had retained profits of €6.9m and employed nearly 150 people at the end of that financial year.
The latest set of publicly available accounts for Maydown show that it reported turnover of £6.5m in the year to the end of March 2014.
It posted a pre-tax profit of £144,000 that financial year.
Schivo owner and chief executive Seamus Kilgannon said that the acquisition of Maydown marks a "significant expansion" for the group into the aerospace industry.
"This acquisition considerably strengthens and broadens Schivo's key technical engineering expertise in supplying the aerospace market, and will increase the organisation's sales and revenues from the sector," he said.