Cookstown: Steelweld Fabrications acquired by US firm Terex

Steelweld employs about 110 people and is an existing supplier to Terex

Terex, the US engineering firm, has bought Cookstown-based Steelweld Fabrications.

Terex is one of the Northern Ireland's biggest manufacturing employers with operations in Omagh, Dungannon, Londonderry and Ballymoney.

Steelweld employs about 110 people and is an existing supplier to Terex.

The deal is part of a long-term strategy that also involves investment in Terex's Ballymoney fabrication plant.

However, the company has moved to reassure other suppliers saying "there will still be a requirement to purchase significant volumes of fabrications from external sources".

Terex's main business in Northern Ireland is making crushing and screening equipment for the construction and mining industries.

Pat Brian, vice president, Terex Mobile Crushing and Screening, described Steelweld as a "well-manged" business which had been one their "most consistent suppliers".

Dominic Crilly, who founded Steelweld in 1983, said he was "extremely proud" of how the business had grown over nearly 40 years.

"Steelweld will now benefit from the global resources of Terex to develop and grow to new levels.

"I feel this is the right move for our business and team and I will always care deeply for our Steelweld community."

The financial terms of the deal have not been disclosed.

Steelweld's 2021 accounts showed an annual turnover of just over £8m and a pre-tax profit of £419,000.