Combilift, a Monaghan-based manufacturer of high-tech forklifts, is investing €40m in a new factory and plans to recruit up to 200 new staff over the next five years.

Combilift machinery is used in warehouses and other locations to handle large, bulky materials within confined spaces.

The new factory, which is to be built near the Monaghan bypass in an investment supported by the Department of Enterprise and Jobs, is due to be completed within the next two years.

Combilift exports to 75 countries from its existing sites at Clontibret and Monaghan town.

The company said the new facility will help it double its current turnover of €150m within five years.

200 new jobs to be created over next five years in Co Monaghan

It said an additional 200 jobs will be created during the two-year construction period.

Minister for Jobs Richard Bruton welcomed the announcement, speaking on RTÉ’s Morning Ireland Mr Bruton said: "It's truly the sort of German middle stand company that everyone talks about as being the model of their industrial strength and here it is doubling in size, giving huge onward impact into the rest of the region.

“It's a really exciting story. This is the sort of company and the sort of backbone of engineering that we need to develop and it's not alone, there are many such companies but we need more of them.”