The directors and shareholders of the Derry company Maydown Precision Engineering will be considering over the next few weeks whether to accept a takeover bid by US company Compass Aerospace.

Maydown has had a chequered history. It was taken over by its workforce after being closed down by its owners, Mullens, in 1985, and has been in the news regularly over the past decade as it struggled to stay in business. It is heavily reliant on its main customer, the Belfast aerospace company Shorts, which owns 40 per cent of the shares. Of the remainder, 35 per cent are owned by the local community, and 25 per cent by the workforce.

The company currently employs just over 100 people, but is in need of capital investment.