New €10m facility for Dublin Aerospace
DUBLIN Aerospace, the aircraft maintenance firm established by Conor McCarthy, is investing €10m in a new facility in Co Meath that will service landing gear.
The facility at Ashbourne, expected to open next year, will also see Dublin Aerospace hire additional staff.
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Mr McCarthy told the Irish Independent that the company paid €3.2m for the 60,000 sq ft facility in Co Meath and will spend €6.5m fitting it out.
He said the company will double the size of its landing gear maintenance activity in the next 18 months once the facility opens.
"We're going to have more than 100 people working on landing gear in two years' time," he said. Dublin Aerospace currently employs about 60 workers maintaining landing gear at its Dublin Airport hangar.
The company specialises in servicing Honeywell auxiliary power units (APUs). Mr McCarthy said the firm has been securing that business "from all over the world".
Dublin Aerospace currently employs about 440 people as full-time staff and contractors.
The company generated turnover of €46.7m in the 12 months to the end of September, and a pre-tax profit of €4.2m.
Both figures were flat compared to the previous year.
The company has paid back almost the entire €6m investment it received from Enterprise Ireland, which had a 5pc coupon.
The remaining €1.5m owed to the state agency will be repaid by December, Mr McCarthy said.
He said that between corporation and employee taxes, and rates, the State has received more than €50m from Dublin Aerospace since it was founded in 2009.