Nigel Dodds believes Schrader Electronics is an example of the sort of skilled, high tech work that will be required to fuel economic growth and increase average wages in the province.

The Minister visited the company’s Carrickfergus plant last week to announce a £4.6 million investment, part-funded by Invest NI, in training and product development.

Mr Dodds commented: “The Executive and Assembly have made the economy a key priority. A key goal is to halve the private sector productivity gap with the UK average by 2015. To do that, we need more companies like Schrader investing in skills and research and development.

“Our unemployment levels are quite impressive, but where we have to improve is our productivity, investing in skills, getting higher value adding jobs. This is the kind of project we need to help us get to that goal.”

Schrader will spend the £4.6 million on training its workforce, which has expanded rapidly in recent years, and develop new products, working in collaboration with local higher education providers.

The company is already the market leader in its core product, electronic tyre pressure monitoring systems.

Mr Dodds added: “In the increasingly competitive global economy, it is very pleasing to see a Northern Ireland based company as world leader in its chosen market. We have a tendency to think that other places are always better and doing things, but I never cease to be surprised and pleased to visit companies in Northern Ireland that demonstrate that they can compete on the world stage.“The customer base represents some of the biggest names in the sector; I am sure they include virtually every car that people are driving here this morning. To satisfy the needs of these demanding customers, the company must continue to invest in staff and product development.”

The new investment, £3 million of which comes from the company itself, demonstrates Schrader’s “commitment to and confidence in the Northern Ireland economy”, the Minister said.

Schrader was established in 1988 but has expanded rapidly in the last five years, growing from 235 to 850 employees at factories in Antrim and Carrickfergus. It now supplies 25 car manufacturers in 22 countries.