New Medical Investment by Boston Scientific in Ireland
Posted on September 17, 2008 @ 03:42 pm
Leading medical firm Boston Scientific of Natick, MA has bucked the trend in which investors are running shy of Ireland and its downturning economy.SOURCE: Irish Voice
Boston Scientific has revealed that it will invest nearly $71 million at a new research and development suite at its Galway, Ireland plant.
The expansion is widely seen as securing the future of the business in the west of Ireland.
Finance Minister Brian Lenihan said the plan was testament to the quality of the workforce in the area.
“This investment is extremely significant, not just for Galway but also in terms of the research and development activities that are taking place in Ireland,” he said.
“Boston Scientific is a highly technologically advanced company which has to rapidly change and continually develop to remain ahead in a highly competitive industry," Lenihan continued. "Their desire to locate this investment here speaks very highly of the caliber of Irish scientific talent.”
Boston Scientific specializes in medical devices for use in minimally invasive surgical procedures. The Galway plant, the company's largest, opened in 1994 and employs more than 3,000 people in research and development and the manufacture of cardiology and other devices such as stents and catheters.
Jim Tobin, Boston Scientific's CEO, said, “The Galway research and development team have an impressive talent base and a strong track record of delivering innovation. We look forward to their continuing contributions.”
IDA regional director Maura Saddington said it was one of the biggest investments the agency would back this year.
“This announcement really shows that to a huge extent even in these straitened times the company is prepared to look at such a very large investment in their facility in Galway,” she said.
Sharon Higgins, director of the Irish Medical Devices Association, commended the IDA for supporting the investment.
“The future of this key sector, employing 24,000 people, depends on Ireland continuing to compete and win international investment while at the same time growing our developing indigenous company base,” she said.
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