Finance director Denis Mullan said: “The purchase of the two buildings is a major step for the company, and although it will not have any major benefits in the short term, will allow us to increase our production capacity much more easily in the future.

“We believe we have the potential to grow significantly over the coming years, despite the state of the wider economy, and will be looking to create more jobs as a result.”

The firm, set up in 1943 to make gas mask lenses, moved on to gauge lenses for military vehicles. It is now developing the ASIC chip, much smaller than its current components, to allow it to branch into other markets by producing smaller screens and cutting manufacturing costs.

It is looking to enter a number of untapped markets, which include domestic appliances and vending machines, as well as develop navigation systems for shopping trolleys, which it is trialling in the US and Canada.

Mr Mullan said: “We are very confident about our outlook and are looking at a range of new areas in which to market our products.”

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