Major New Investment to create 450 high tech jobs for Cashel

IDA supports state-of-the-art facility for Cordis Corporation

Minister for Enterprise, Trade and Employment Micheál Martin TD today (25^th July 2006) announced a major new investment for Cashel, Co. Tipperary. Cordis Corporation, a Johnson & Johnson company, is to establish a state-of-the-art development and manufacturing facility, with the support of IDA Ireland.

Cordis Corporation is the world’s leading developer and manufacturer of innovative products that treat a wide variety of medical problems associated with coronary artery disease. The company’s biggest products are drug-eluting stents that are manufactured using the most advanced technologies available, and offer an effective, safe treatment alternative to open-heart surgery for millions of people every year. The new facility will have major process and product development capability and will supply the entire non-US market for drug-eluting stents, as well as future innovative interventional cardiovascular products.

The investment will create more than 450 new high-tech positions over the next three years and will require people with medical devices engineering, technical and laboratory qualifications and skills, development personnel up to Ph.D. level, and management and administration staff. The company expects that the new facility will be operational by the first half of 2008.

Minister Martin, welcoming the investment, said “This is an exceptionally good news day for Co. Tipperary. The decision for Cordis to locate its innovative knowledge-driven facility in Cashel is highly significant. The investment involves cutting-edge development and high-end manufacturing, described by Cordis as ‘a next generation facility.’ It will have substantial employment and economic benefits for the people of Cashel and the whole surrounding region, particularly for towns such as Thurles, Tipperary, Cahir and Clonmel. I wish to thank Johnson & Johnson, once again, for this further commitment to Ireland, making Cordis its 6^th major Irish manufacturing facility.

The new operation will be located adjacent to the pharmaceutical manufacturing site for Alza, another Johnson & Johnson company and a world-leading manufacturer of drug delivery systems. Cordis Corporation plans to build a new 180,000 sq. ft. manufacturing facility, a development laboratory and a finished goods testing facility.

Victor Chance, Worldwide Vice President, Cordis Corporation said, “These new facilities are part of Cordis’ commitment to develop and produce new products to help the millions of people who suffer from coronary artery disease and other vascular conditions.”