Ulster Unionist representative Mark Cosgrove believes that, under direct rule, too many companies were able to take advantage of public money without offering long term benefits.

Referring to the major investment announced at the company on Thursday, he told the TIMES the Schrader training programme is an example of how INI funding ought to work under devolution.

He said: “The hand-out culture of the Industrial Development Board has been replaced with a culture of investment in the future, using public money to give Northern Ireland a genuine competitive edge.

“Research and development is the lifeblood of technology companies. Only by staying ahead of the field can we protect existing jobs and create more jobs in the future.“

Economy Minister Nigel Dodds promised that, under his stewardship, the Department of Enterprise, Trade and Investment will “continue to promote engineering and manufacturing as a rewarding career” as well as promoting collaboration between manufacturers and the education sector.

This was welcomed by Schrader’s managing director, Stephen McClelland, who described a recent decline in the number of applicants to technology-focussed degree programmes as “depressing”.

“We want to show graduates this is a great place to work; we need government to encourage people to go to college and get technical degrees,” he said.

Cllr Cosgrove added that Schrader’s recent move to begin manufacturing its products in the United States should help protect the company from the impact of currency fluctuations without damaging its Carrick and Antrim operations.