A new state-of-the-art auction house has been opened in Dromore, Co Tyrone, creating ten jobs.

Euro Auctions, a specialist in the sale of heavy plant and machinery, now boasts 18,000 square feet of new offices and a 10,000 square foot seated auditorium.

The purpose built auction arena is part of a £1.5m investment by the firm, and has integrated hi-tech sound and vision systems.

Enterprise Minister Arlene Foster said the investment reflects a confidence in further business growth through targeted export sales.

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"Euro Auctions has been supported by several Invest NI initiatives that have provided advice and practical help in areas including trade, e-business, training, design and management," said the Minister.

"These have helped the company to develop a successful business model, maximise its competitiveness and grow its business globally."

Euro Auctions employs 34 staff and does 90% of its business with customers outside Northern Ireland.

Derek Keys, Owner and Managing Director of Euro Auctions, said the new premises will support the firm's aim of pursuing growth in new markets.

"Plant is now a world commodity and at this auction we expect to sell equipment to at least 25 countries worldwide.

"We hope the new premises will facilitate increasing turnover by 15%, increasing employment to 44 by 2011," he added.

(PR/KMcA)