Long-standing Londonderry manufacturing firm Maydown Precision Engineering (MPE) has been acquired by the Waterford headquartered Schivo Group.
Sources had advised the Sentinel that Schivo - an engineering sub-contract manufacturing company, providing services in precision machining, sheet metal fabrication and full product sub-contract assembly, based in Waterford and Leicestershire, was in the process of a takeover of the Maydown firm, which has been operating on the outskirts of Londonderry for the past thirty years.
The Sentinel contacted MPE and Schivo on Wednesday, July 22, but were unable to obtain a comment. Schivo then announced the take-over on Thursday, July 23.
A year ago tomorrow, July 24, the English-based Iranian venture capitalist Amin Amiri became a board member and suggested a £2.5m capital investment at the plant could yield up to 40 new jobs.
On the same day Michael J. Ryan, General Manager of Bombardier Aerospace, Belfast, who accompanied Pierre Beadoin, President of its Québécois parent firm, to a meeting with the then Investment Minister Nigel Dodds in 2008 to help seal a deal that resulted in wings and nacelles for the company’s CSeries jets being made in Northern Ireland, departed MPE as a company director.
MPE began life as a new venture that rose from the ashes of the former Molins plant, a firm which itself had risen from its cigar-making origins in pre-revolutionary Cuba to become a leading machine supplier for the tobacco industry and was based at Maydown for many years.
Schivo, serves the medical device, instrumentation, aerospace, process control, electronics, IT/Telecom, automotive and oil and gas industries.
It has established a reputation for innovation, performance and excellence within it’s customer base.
Employing circa 150 qualified, trained and empowered staff, Schivo operates a fully integrated manufacturing and supply capability with high levels of customer focus, quality and cost competitiveness.