The company, which is a specialist in structural and general engineering, machine design and fabrication, will invest the monies into a new 30,000 sq ft factory, which will enhance productivity and drive export growth.
"This investment is a significant boost for the mid-Ulster region, creating 22 skilled jobs with competitive salaries while enhancing Topframe Engineering's overall productivity," said Minister Murphy.
"Increasing productivity is crucial for improving living standards across the north, and I'm pleased to see that the new factory and equipment will help the company achieve an almost 40% rise in productivity per employee.
"Furthermore, this investment will open doors for Topframe to secure new export contracts and accelerate its growth. I'm also encouraged by the company's commitment to achieving ISO 14001 Environmental Accreditation, which supports our goal of transitioning to a net zero economy."
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Topframe Engineering currently operates across two sites in Castledawson and Portglenone. The new facility will allow the company to focus its operations at their primary site in Castledawson, significantly improving efficiency.
The company currently employs 26 staff and the new factory will be built on its 14 acre site adjacent to the current facility.
Matt Connery, Topframe Engineering's Managing Director, said: "We have bold growth plans for the next three to five years, including significant investments such as refurbishing and expanding our Castledawson factory and building a new, state-of-the-art 5,000 sq ft office block.
"These investments will drive a substantial increase in sales within the structural steel industry, materials processing industry and our Biddy Attachments brand, positioning us to expand into new markets beyond Northern Ireland."
Invest Northern Ireland is supporting the investment with a capital grant as well as technical assistance to help the company install a software system that will optimise operations across all aspects of the business.
Brendan McGuigan, Director of Advanced Manufacturing and Engineering in Invest NI, commented: "Topframe Engineering has doubled its turnover over the past five years, a testament to the company's commitment to innovation.
"Its plans for new products continue to reflect that ongoing focus, and earlier this year, it was awarded silver recognition through our Invest NI Innovation Assessment. The addition of a graduate design engineer among the 22 new roles will also further strengthen the company's design capabilities."
