A SLUMP in orders has forced a specialist glass manufacturer to issue redundancy notices to 60 staff.

Toughglass, which manufactures toughened flat safety glass at its Co Down plant in Kilkeel for the transport, construction and furniture industries, told workers that demand for the product has fallen.

The company, established in 1989, is considered a market leader in the niche sector in the United Kingdom and employs more than 130.

The problems at Toughglass underline the difficulties many firms in the North are experiencing as a result of the economic downturn. A recent business survey shows UK corporate confidence has plummeted to a 16-year low.

The latest business trends report from accountants and advisers BDO Stoy Hayward suggests the short-term view for businesses in the UK is bleak.

However, there are some companies in the North that remain optimistic despite the gloomy economic climate.

Two locally-owned Co Derrybased firms have just announced new investment programmes totalling £6.5 million (€8.2 million).

Family owned and managed Fleming-Agri Products intends to invest £2 million into the business. The company, which manufactures agri-machinery products such as bale-handling equipment and grass toppers, wants to grow its sales outside of Northern Ireland.

Meanwhile, Castledawson-based Moyola Precision Engineering is to invest £4.5 million in high-tech machinery and equipment. The company produces machined components for a range of industries, including the aerospace sector.

The injection of funds will lead to the creation off 22 highly skilled jobs at its plant.

Both projects are being supported by nearly £1.1 million in finance from the economic development agency Invest NI.

According to the Northern Ireland economy minister Arelene Foster, the northwest has benefited from more than half a billion pounds of investment since 2002.

"Invest NI has offered the north-west over £115 million of support, resulting in investment worth £514.88 million," Ms Foster said.