Major new deal for Lufthansa Technik

Lufthansa Technik has been chosen as a maintenance repair and overhaul site for a new type of engine, securing the future of the Dublin plant.

The decision will see the company invest $40m (€28.6m) in equipping the operation.

The new IAE V2500 engine is currently used by Lufthansa and other carriers worldwide and will replace other engine types which are being phased out.

Tánaiste and Enterprise Minister Mary Coughlan made the announcement earlier today.

The company in Rathcoole avoided job losses last summer after an agreement was reached between management and unions.

The plant currently employs 470 people.

"This investment is excellent news for Ireland and particularly for the staff at the Dublin site," said the Tánaiste.

The investment was described as "a hugely significant win" for the plant given the strong competition for the contract faced from other overseas locations within the Lufthansa group.