Strong resilience shown in Foreign Direct Investment in Ireland South East in 2021
The latest IDA results for the South East region show that there has been continued resilience in the existing FDI base in the region during 2021 with some new name investments also being added.
Ireland South East’s attractiveness to investors has held firm in 2021 despite the challenges posed by the pandemic. The resilience of the existing FDI base has been proven by both continued investment announcements and new job creation plans. Total FDI employment has grown 8% to just under 15k. These figures highlight the benefits the Ireland South East region offers investors across key areas including talent, cost competitiveness, and connectivity.
In 2020 the Ireland South East was crowned by the Financial Times as No.1 for Regional FDI Strategy in the rankings for FDI strategy for regions of under 1.5 million people and placed in the top 10 for Region of Economic Potential and a Region of the Future.
Below is a snapshot of FDI company activity in 2021:
MSD – Planning applications show that pharmaceutical giant MSD, which is part of the US group Merck, are considering building a new €140m manufacturing facility linked to an existing plant in Ballydine, Co Tipperary.
West Pharma – The huge demand for components for injection vials as a result of Covid-19 has led West Pharma to double its workforce in Waterford. The plant has doubled its workforce to meet the new demand, with the company now employing over 260 team members here. West invested upwards of $125 million in the Waterford facility, which is on a 44-acre site that allows for future expansion.
Horizon Therapeutics – Horizon are establishing a manufacturing facility in Waterford which will employ c.90 people. The new global biotech manufacturing operation will produce drug product for Horizon’s rare, autoimmune and severe inflammatory disease portfolio. The company is purchasing the existing drug product manufacturing facility operated at present by EirGen Pharma, an OPKO health company located on IDA Ireland’s business park in Waterford to facilitate its establishment there. Some 40 of EirGen’s employees are transferring to Horizon as part of the process and are among the 90 people to be employed at the new facility.
Fiserv – A leading global provider of payments and financial services technology solutions, announced that it will expand its research and development operations in Nenagh, County Tipperary, adding 200 jobs over the next three years as the company responds to growing demand for digital solutions among its clients and consumers.
Bausch + Lomb – A leading global eye health company, announced plans to invest a further €90M to expand manufacturing operations at its Waterford facility. The investment is expected to generate 130 additional jobs when production commences in 2023 and will provide the Waterford facility with additional capacity to meet expected demand for its Biotrue ONEday® range of contact lenses. Approximately 150 additional workers are expected to be employed in the construction phase of the expansion.
Repligen – U.S. headquartered Repligen Corporation is set to significantly expand its manufacturing operations in Waterford, with plans to fit out a 33,000 square foot LEED Silver building that is expected to create 130 new jobs. The facility will serve as a Centre of Excellence for single-use consumable products used in bioprocessing applications, and will complement the existing 10,500 square foot Waterford facility that currently employs 74 people a figure which has risen greatly as Repligen continues to experience rapid growth and increased demand for its state-of-the-art bioprocessing products.
Abbott – Global healthcare company Abbott announced a further €37.8m investment in its cardiovascular Research and Development Centre based at its Vascular devices site in Clonmel, Co. Tipperary. The Irish R&D team spent three years developing the company’s market-leading stent, XIENCE Sierra, which is being used worldwide in patients who, because of the nature of their disease, might not previously have been suitable for minimally invasive surgery. Abbott celebrates 75 years in Ireland this year.
State Street – One of the world’s leading providers of financial services to institutional investors, is to establish a new specialist 400-strong team in Ireland to provide technology infrastructure and cyber security services to support group operations globally. State Street celebrates 25 years in Ireland and 20 years in Kilkenny this year. State Street already employ around 600 staff in their Kilkenny firm.
Trilateral Research Ltd. – Trilateral, a leading research, consultancy and technology development company, has announced the creation of ten new roles after the company was awarded €1.23m in EU funding to undertake cutting-edge research in climate change, cyber-security and combatting misinformation.
Tegus – The market intelligence firm is to establish a new European HQ in Waterford city with the creation of up to 100 jobs.
Infosys BPM – Announced it is expanding its presence by creating 250 jobs with the development of a new delivery centre in Waterford.
To read more about why investors choose Ireland South East visit here.
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