Minister Micheál Martin TD announces €7 million R&D investment by Schwarz Pharma during visit to Shannon Free Zone

Shannon, 20^th September 2007: Minister for Enterprise, Trade and Employment, Mr Micheál Martin TD, today announced a €7million R & D investment by UCB Schwarz Pharma, supported by Shannon Development. The announcement took place during a visit by the Minister to a number of companies located in the Shannon Free Zone. The Free Zone is Ireland’s leading multi-sectoral business park with over 7,200 people employed in 110 companies generating over €3.3 billion in annual sales.

During the visit Minister Martin was briefed at the UCB Schwarz Pharma plant on the capital investment the company is making in 2007. Total investment volume by the company is expected to be in excess of €100 million. The company is currently redeveloping a manufacturing plant on its site to manufacture a new drug which they have recently developed. The investment also includes a major upgrade in facilities and infrastructure.

Minister Martin said “This is precisely the sort of activity and investment that will secure Ireland’s prosperity into the future. It is through bringing innovation and our creative intelligence to industry that Ireland will mark out its ground and gain competitive advantage”.

Welcoming Minister Martin to the Shannon Free Zone, Mr Kevin Thompstone, Chief Executive, Shannon Development, said “The Free Zone continues to be a location of choice for global businesses across a variety of industries. Shannon Development is currently preparing a comprehensive master plan for a major regeneration programme at the Free Zone to guarantee its continued competitive edge into the future”.

Minister Martin’s visit to the Shannon Free Zone also included visits to aircraft leasing company, Genesis Lease; financial securities company, Genworth Financial; and. underwear manufacturer, Maidenform International.

Speaking at the official opening of their new offices by Minister Martin, Chairman and CEO of Genesis Lease, Mr John McMahon, said ‘We are grateful to Minister Micheál Martin for officially opening our new offices. It is particularly appropriate that he, as Minister for Enterprise, Trade and Employment, has done so because Genesis Lease is a testament to the enterprising nature of Irish Aviation, is focused on international trade in the form of aircraft leasing and is committed to providing high quality employment opportunities as we grow the business.’

Welcoming Minister Martin to Maidenform International, Mr Bill Murphy, Chief Executive, said “Maidenform International is celebrating 21 years in Shannon this year, and we look forward positively to continued success in the years to come, expanding our business and securing the operation in Shannon into the future.”

‘We are delighted to welcome Minister Martin to our Centre of Excellence in Shannon during our 10th year in the region", said Bob Brannock, President of Genworth Financial's International operations in Europe and Canada. "We are proud to have provided employment and development for over 2,500 local people during that time. Our outstanding teams in Shannon deliver world class standards of service to consumers, helping provide financial security when they face unexpected shocks to their income".

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