£50 million high-tech Teradyne Campus for Cavan - Tánaiste 830 new jobs for Cavan and Dublin First Major investment in Cavan for 22 Years - Harney

Making the announcement the Tánaiste said "This is the first significant IDA Ireland supported investment in Cavan in 22 years and is an excellent result for IDA Ireland and for the Government in its strategy to have major new investments locate in the Objective One regions. The investment by Teradyne is part of its strategy for the development of its worldwide business. Teradyne is the latest global company to acknowledge Ireland as a world leading location for companies involved in advanced communication, Internet technologies and e.Business.

"This investment will have a substantial impact on Cavan and a major beneficial effect on the whole North-East Region. The high quality employment will provide first class opportunities for the people of the area. Its contribution to the local economy will grow substantially as the operation develops from start-up to full implementation and through the construction of its new facility," added the Tánaiste.

The Tánaiste pointed out that Border counties such as Cavan have not faired as well as other parts of the country in attracting mobile investment and this has been due at least in part to the violence in Northern Ireland.

"Today’s announcement however is testimony to the potential dividend that the continuing Peace Process can yield for Counties on both sides of the border", she added.

Teradyne holds a leadership position in all the product markets it serves. It manufactures interconnection systems that are the ‘backbone’ of the high-tech equipment that is an essential part of the phenomenal success of the Internet and the development of advanced telecommunications and networking systems. It is also the world’s largest manufacturer of Automatic Test Equipment for the high-tech electronics industry, producing systems to test semiconductors, software, telecommunications systems and circuit boards.

Teradyne will commence operations immediately in the 25,000 sq. ft. Advance Factory at the IDA Ireland Business Park, Dublin Road, Cavan. Additionally negotiations have been concluded for the purchase of a 94 acre site on the Cavan by-pass. Teradyne will develop this site into a high quality Technology Business Campus and will be lodging its planning application with Cavan County Council in the near future. The first unit will be a 220,000 sq. ft. customised high quality design building. The campus development will be to a high specification in line with the requirements of the international information and communication technology industry.

"I wish to acknowledge the extensive work done by Mr. Brian Johnston, the Cavan County Manager, and Cavan County Council in assisting IDA Ireland to secure this investment for the town. I would also like to acknowledge the contribution made by local Dail representative Deputy Brendan Smith" said the Tánaiste. "It was a tough task to find a suitable site and a number of options were actively pursued. However, in the end after tough negotiations the Woods family farm emerged as the best option and I pay tribute to the family and all involved in concluding the negotiations successfully," she added.

The Tánaiste said, "The existing Blanchardstown operation was instrumental in influencing the decision that this investment be made in Ireland. Its management and workforce are to be commended for the track-record of success at the Dublin facility and their commitment to providing the highest quality products and services. All these factors, together with the dedication of Mr. Colm Fitzpatrick, Teradyne’s General Manager in Ireland, and the determination of the IDA significantly influenced Teradyne’s choice of Cavan".

A substantial increase in demand for Teradyne’s products and services has resulted in this investment as the company is in need of significant additional manufacturing capacity. This demand is being driven by the worldwide ‘explosion’ in the Internet, advances in telecommunications technologies and the growth in wireless communications. All of the associated equipment and interconnection systems require increasingly higher performance - which Teradyne’s products deliver.

The Irish operation - Teradyne (Ireland) Limited - is managed by the Teradyne Connections Systems (TCS) Division and has been experiencing very rapid growth. The Blanchardstown facility was established in 1990 to manufacture interconnection systems. It has achieved its employment target of 160 people and has built up an excellent customer base of strong growth companies in the high technology industries.