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Modern Tyres invests £5.6m in new manufacturing facility
Modern Tyres is creating 23 new jobs as part of a £5.6m investment to diversify its commercial products and services offering.
The company has established a new division, Modern Wheel Solutions, which will be situated at its new 81,000 sq ft purpose-built factory at Carnbane Business Park in Newry. This new division will differ from its core business of tyre wholesaling and retailing to focus on outsourced end-to-end services for tyre manufacturers and OEMs.
Invest NI has offered Modern Tyres over £580,000 towards the construction of its new factory, marketing activities and job creation, which will include managerial roles, sales engineers, operatives, office staff and delivery drivers.
Kevin Holland, Invest Northern Ireland’s CEO, said: “Modern Tyres is a well-known and long-established Northern Ireland company. It is wonderful to see its continued growth and innovation journey offering a new value-added service to manufacturers. Its expansion into tyre and rim assembly as Modern Wheel Solutions will allow it to offer customers a one-stop shop across its business and broaden its offering to attract future global clients.
“Its investment will bring new skills and expertise to the team, growing its workforce to over 200 people across the company in Northern Ireland. This is great news for the local Newry, Mourne & Down District Council area, as it will generate almost £650,000 in additional annual salaries for the Northern Ireland economy.”
Rory Byrne, director of Modern Tyres, added: “By adding Modern Wheel Solutions to the Modern Tyres portfolio, we will be able to readily meet the needs of our current and future clients. By improving efficiencies, we will be able to provide them with a complete end-to-end service. Our new purpose-built manufacturing facility will allow our business to grow, and with more employees, we can capitalise on new opportunities in export markets.
“Invest NI’s support has been invaluable to us throughout the pandemic and as we move into this new area. Its support has not only helped us to secure the site for our new dedicated factory, but is also helping us to build an expert team of employees.”