The Malta plant of Methode Electronics has been selected to be the centre of expertise for the company’s Magnetpelastic Sensing Technology.

Donald Duda, the company’s president, 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.”

The announcement was made during a visit by Prime Minister Lawrence Gonzi yesterday morning.

The new product represents the culmination of a decade-long research and development project, which has resulted in the commercialisation of patented sensors.

The new sensors, to be produced in the Malta plant, provide real time feedback about a vehicle and will help create intelligent products for the automotive, transportation and industrial markets.

According to the company, which is also listed on the New York Stock Exchange, Methode has invested $50 million (€38 million) in the development of this technology, which can sense parameters such as torque, stress of a vehicle.

Asked about the value to be directly invested in Malta, a company spokesman declined to go into further details, saying only that the “investment will be substantial.”

He said that the company will also be increasing its workforce due to the new product line. According to Prime Minister Lawrence Gonzi, the recent decision by Methode ­­­­is another vote of confidence in Malta’s economy. “A few years ago, due to the economic crisis, we had to help Methode to remain in Malta and continue to invest. This strategy paid off and a few years later the company is choosing Malta to develop this cutting-edge technology,” he said.

Dr Gonzi said Methode had this year already invested €11 million in new technology in Malta. It employs 1,100 staff and supplies many multinational companies in the automotive, power and data industries.