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The Londonderry-based aerospace engineering firm Maydown Precision Engineering (MPE) has been sold to a Waterford-based company.

The new owner is the Schivo Group which works in the medical technologies, aerospace and oil and gas sectors.

MPE supplies parts to major aircraft manufacturers Bombardier, Airbus and Boeing.

It employs 133 staff who will continue to be based at the Derry factory.

Schivo said the deal would expand its interests in the "buoyant" aerospace engineering sector.

The firm's chief executive, Seamus Kilgannon, said it creates "a significant indigenous supplier to the global aerospace industry".

MPE's managing director Sean Phelan said that by becoming part of a larger organisation they would be able to better serve customers and invest further.

The sale price was not disclosed.