A scientific camera-making company in west Belfast is to create over 160 new jobs in an £18m investment.

Andor Technology, which is based in Springvale Business Park, already employs 321 people. Now the company has made the major investment, which includes a £1.5m contribution from Invest NI, as part of its plans to more than double turnover.

It also hopes to expand its product range to mid-price cameras after concentrating on high-performance digital cameras, and as part of that expansion, is creating 166 new jobs.

Enterprise Minister Arlene Foster said: “This investment represents a major growth phase for Andor Technology and marks the acceleration of its strategic transition from a company focused on high-cost products for niche and specialised markets to a company that will capture its share of the much larger mid-price camera market.”

She said almost all the jobs would have salaries higher than the private sector average, contributing £7.6m in wages to the economy every year.

The investment will also pay for the renovation and expansion of the Belfast premises.

And or is also set to establish its own ‘learning and development academy’, which has been supported with a grant of £160,000 from the Department for Employment and Learning.

Conor Walsh, managing director of the London Stock Exchange-listed company, said: “This investment is the next step in the process and Invest NI’s support will be invaluable in helping us to ramp up production levels and quickly take advantage of market opportunities.”

Meanwhile, the Enterprise Minister has also approved a new £50m growth loan fund for small firms. The Department for Enterprise, Trade and Investment (DETI) said the fund would create over 2,000 jobs in the next decade.

It is intended to help small to medium-sized in manufacturing and tradeable services. Invest NI will provided £25m to the fund. DETI said NILGOSC, which administers the local government pension scheme for Northern Ireland, had “agreed in principle” to provide another £35m in private funding.