Harney Announces Massive American Investment During Visit to the US Medtronic to create 1,000 new jobs in Galway - Tánaiste

Tánaiste, Mary Harney announced in Washington today (Thursday 24 June 1999) that the Government had approved IDA Ireland support for a £35 million capital investment by Medtronic Inc., the world's leader in medical technology, for the substantial development of its Galway facility, which is part of Medtronic's Vascular Division. As a result of this investment, an additional 1,000 new jobs are projected within five years. The new jobs will be generated from new products developed and manufactured at the Galway facility. Up to 700 of the new jobs are anticipated to be filled within three years and at completion of the investment Medtronic will be in the top ranks of industry in Ireland with over 1,600 employees.

The Tánaiste announced the investment in Washington during her promotional visit to the U.S. with the Chief Executive of IDA Ireland, Sean Dorgan. Yesterday she met senior directors of a number of key IDA client companies, including Xerox, Schering Plough and American Home Products. Over the next two days she will hold meetings with a number of important American companies currently in contact with IDA in relation to possible new investments in Ireland.

The Tánaiste said that the type of development announced today for Medtronic was founded on the skills and commitment of the employees at the Galway operation, who have delivered so well over the years. "It is also further endorsement of the Government's decision to invest very substantially in third level education, in order to ensure the continued output of people from our Universities and Colleges of Technology with the skills required by high-tech global companies such as Medtronic."

Medtronic commits approximately 11 percent of revenues to global R&D efforts, making Galway part of the global network of R & D facilities. It plans to have almost 250 people working in R & D in Ireland, as a result of the new investments, making it one of the largest medical technology R & D centres in Ireland. The manufacturing facility will be a highly integrated operation, with a significant investment in extrusion and metallurgy operations, the two core technologies used in the production of angioplasty balloons and stents.

"Medtronic's decision to make this investment in Galway was very much influenced by the strength of the management team, the commitment of the workforce and its proven capabilities in R&D." said the Tánaiste.

"Medtronic's investment is one of the most significant to be attracted here by IDA Ireland in its implementation of the Government's policy to work with existing Irish operations of major overseas companies to win increased strategic responsibilities from the parent company. Such development helps to ensure the Irish facility's long term growth, 'deepens its roots' in the community where it is located, and further enhance its position within the parent's global operations," she said.