Avery Dennison to Establish a Financial Shared Services Centre in Cork - Harney More Than 1,000 Jobs Announced for Cork Since Start of Year - Tánaiste

Mary Harney, Tánaiste and Minister for Enterprise, Trade and Employment announced today (Monday 29th May, 2000) that IDA Ireland and the global pressure-sensitive materials manufacturer Avery Dennison Corporation of the United States have successfully concluded negotiations for the establishment of a financial Shared Services Centre at Cork Airport Business Park. This new project for Cork is intended to create up to 90 jobs by 2005, with recruitment for senior positions to begin immediately. Recruitment of clerical staff will commence in August for a November start date.

The Centre, which will be established in a 14,000 square foot (1300 sq. metres approx) facility, will support the financial and accounting activities of Avery Dennison’s European businesses, providing the group with accounts payable, travel/entertainment, cash application, and general and statutory accounting functions. The Centre will enable the company to implement world-class financial accounting processes across its businesses in Europe.

The Tánaiste said, "The Centre staff will be multi-lingual, and two thirds of the jobs will be for graduates with a financial background. This action continues the inflow of quality internationally traded services employment to the Cork region and ensures the continued balanced development of the area."

"This decision by a global leader to locate its Shared Services Centre in Cork is a vote of confidence for the area. The new investment for Cork Airport Business Park will bring the total jobs announced by IDA Ireland for Cork since the start of the year to just over 1,000," the Tánaiste said.

Avery Dennison Corporation is a worldwide manufacturer of pressure-sensitive materials and self-adhesive consumer and office products. Avery Dennison develops, manufactures and markets a wide range of products for consumer and industrial markets, including Avery-brand office products, Fasson-brand self-adhesive materials, peel-and-stick postage stamps, battery labels, reflective highway safety products, automated retail tag and labelling systems, and speciality tapes and chemicals.

Founded in 1935, Avery Dennison operates 200 manufacturing and sales facilities in 39 countries. Among those facilities is a plant in Youghal, Cork, which manufactures manila binders and folders for the U.K. office products market. In 1999, Avery Dennison had sales of IR£2.8 billion and net profits of IRP£188 million, excluding the 1999 restructuring charge. The Corporation is publicly quoted on the New York Stock Exchange.

In making the announcement, the Tánaiste said, "Avery Dennison’s decision to locate its shared services centre in Cork is further evidence of IDA Ireland’s successful strategy — despite intense competition — to win additional high skills and value investments from companies that are leaders in their respective sectors. Ireland is an important location for shared services centres, and Avery Dennison is a prestigious addition to the number of high-calibre international services projects secured by IDA Ireland for Cork in recent times."