Methode announces major new investment
The Malta plant of Methode Electronics has been selected to be the centre of expertise for the company's Magnetpelastic Sensing Technology.
The announcement was made this morning during a tour by Prime Minister Lawrence Gonzi and Finance Minister Tonio Fenech.
"This product represents the culmination of a decade-long research and development project which has resulted in the commercialisation of this patented technology. These sensors, which provide real-time feedback about a variety of operating conditions, will help create intelligent products for the automotive, transportation and industrial markets," the company said.
It said it has already invested $50 million in the development of this technology, which senses parameters such as torque, stress and position without coming into contact with the surface being measured.
President and CEO Donald Dua said: "Methode's business unit in Malta is well-positioned to receive this technology as a result of its excellent design and engineering capabilities as well as their unrivalled manufacturing systems.
"We thank the employees of Methode Malta for their had work and dedication and are looking forward to bringing this exciting technology to the country."