The US engineering group Black & Decker is to set up a major centre in Cork which will handle most of the administrative functions for the company's operations in both Western and Eastern Europe. Negotiations with IDA Ireland are close to completion and it is understood that about 150 jobs will be created in the Cork centre, writes Brendan McGrath. An IDA Ireland spokesman said the Black & Decker project was a "done deal" but had yet to be officially signed because of holiday absences of some key individuals. Black & Decker has already begun recruitment and aims to have its pan-European Financial Shared Service Centre operational by the end of the year.

Black & Decker, which manufactures power tools and electric garden tools at 14 locations worldwide, has over $1 billion (£700 million) sales in Europe and the Cork centre will provide financial transaction processing to support these European operations. The group is recruiting for purchasing, accounting, treasury and cash management functions as well as regional specialists who will be responsible for country-specific accounting.