Tánaiste Announces 52 New Jobs for Mallow, Co. Cork

Mary Harney, Tánaiste and Minister for Enterprise, Trade and Employment today (Monday, 16th November 1988) announced the creation of 52 jobs over the next three years in a new company, Phoenix Peripherals Solutions Ltd, in Mallow Co. Cork. ICC Venture Capital is providing £1 million to fund the project and Enterprise Ireland is also supporting the project through a grants and equity package.

Making the announcement the Tánaiste said "This is great news for Mallow and for Co. Cork and will provide high quality employment for 30 people in the next twelve months. The new company Phoenix Peripherals Ltd arises from a management buyout by John O' Sullivan former President and CEO of Alps Electrical Ireland Ltd together with three former employees of a range of specialist products that are no longer core to the Alps Irish operation."

The Tánaiste said "Phoenix Peripherals is an example of how opportunities can emerge within the business environment of a multinational. The promoters, having developed a new value added international business within Alps Electric Ireland Ltd, saw the opportunity to create Phoenix Peripherals, when Alps Corporation International corporate strategy was refocused. The promoters bring to the new enterprise, skills and knowledge developed within the structures of a global company."

The Tánaiste continued "the new company will produce a range of value-added keyboards with a variety of additional functions for smart cards, reading cheques and magnetic cards, liquid crystal displays, pointing devices and programmable keys. It will be a truly global company supplying world class products to major companies including financial institutions, major airlines and companies with requirements for electronic point of sale transaction."

The new company will be located in a 20,000 sq. ft facility in Mallow, Co. Cork. The three other former employees of ALPS involved in the acquisition are Richard O'Reilly, Sales Director, James Singleton, Engineering and Technical Director and Maire Hussey, Administration Director and Company Secretary. Chairman of the new company will be Garry Duffy, IDA Board Member and former Managing Director Artesyn technologies Ltd, Youghal, Co. Cork.

Welcoming the announcement Mr Martin O'Brien, Investment Director ICC Venture Capital, Cork said "we are very pleased to assist the Phoenix management buyout which has considerable potential to grow."

Mr Dan Flinter, Chief Executive, Enterprise Ireland said "Enterprise Ireland is committed to encouraging more high growth potential start-up companies, particularly technology based companies, competing internationally on world markets. The skills base in Ireland is strong and often the constraining factor is the identification of the right market led opportunity."

He said "While indigenous manufacturing industry in Ireland has performed exceptionally well over the last decade, the challenge ahead will be for Irish companies to identify niche global markets that are of a significant size for Irish companies to develop but are not large enough to attract the attention of global leaders. Phoenix Peripherals have identified such an opportunity and with the assistance of ICC Venture Capital and Enterprise Ireland are now in a position to exploit it."

According to John O'Sullivan, Managing Director Phoenix Peripheral Solutions "We are shifting the existing manufacturing operation for value added keyboards from Millstreet to Mallow and keeping together the main elements of the management team assembled over the past number of years. We expect the market for our products to grow rapidly over the coming years because of the increase in the use of smart cards in security and electronic point of sale transactions."