THE north’s largest independent tyre company is to create 23 jobs at its new Newry-based enterprise.
Modern Tyres is investing £5.6 million in the 81,000 sq ft factory at Carnbane Business Park for new division, Modern Wheel Solutions, which will specialise in tyre and rim assembly.
The construction project is being backed by £580,000 from Invest NI.
Set up by Dublin-native Jimmy Byrne in Co Fermanagh in 1965, Modern Tyres now employs over 200 people across 32 branches in the north. It also operates in 13 locations across the border.
The latest set of accounts for Modern Tyres show it recorded a turnover of £40.8m in 2019, generating a pre-tax profit of £2.4m.
The document revealed the company continued to expand during the pandemic, entering into an agreement to acquire three more depots on October 31 2020.
Director Roy Byrne said the new service will improve efficiencies within the family-run company, allowing Modern Tyres to provide customers 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,” he said.
“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.”
Invest NI boss Kevin Holland said the 23 jobs will eventually be worth £650,000 a year in annual salaries.
“Our relationship with the company began in 2019 when it purchased a site on Carnbane Industrial Estate and we are happy that our southern regional team has been able to support its new venture onto Carnbane Business Park so soon after.
“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.”
