US data storage company Seagate Technology is to make a £47 million (€54.5 million) investment in its wafer manufacturing plant in Derry.

The investment is being supported by Invest Northern Ireland, which is providing an additional £9.95 million in funding to enable research and development in nanophotonics, the market for which is expected to reach $66 billion by 2022.

Seagate first came to Northern Ireland in 1994 when it invested £500 million and created 500 jobs. Its total investment in the region is now in excess of £1 billion with headcount having surpassed 1,400 people. Some 25 new jobs are expected to be created as part of the new investment.

The Californian-headquartered company makes specialised parts for hard disk drives at its Springtown facility in Derry.

Technology innovation is the cornerstone of our success and the industry-leading innovation delivered by our facility in Springtown has been at the heart of our business strategy for the last 25 years,” said Dave Mosley, chief executive of Seagate Technology.

“Today’s investment extends a successful, collaborative partnership with Invest Northern Ireland and will further strengthen our ability to deliver customer-centric technology leadership for the data-driven future of the global economy,” he added.

Seagate reported total revenues of $11.2 billion for the 12 months to June 2018 with its Irish unit reporting a 41 per cent rise in turnover to $186.9 million.