THE US owned electronics giant AVX is investing £45 million in new technology at its Coleraine plant.

The company, which makes components for electronic circuits, said it is bringing the latest manufacturing techniques to its Northern Ireland factory. But the investment, which is being backed by an £8 million grant from the IDB, will not create any new jobs.

The general manager, Mr Martin McGuigan, said it was designed to strengthen the company's position as one of the most cost efficient manufacturers in the AVX operation worldwide. He said the new facility would be the only one of its kind in Europe.

AVX is a subsidiary of the AVX Corporation, which is based in South Carolina. The company started manufacturing in Northern Ireland in 1978, and currently employs 950 people.