An Italian pharmaceuticals group will create 60 jobs with the opening of a €28 million research and development/manufacturing facility in Ringaskiddy, Co Cork.
Recordati expects to move into production early next year having acquired a plant formally occupied by Elisa, the St John's Wort manufacturer which withdrew from Cork in 2002 when the EU clamped down on over-the-counter sales of herbal remedies.
The R&D centre will develop chemical processes for new drug candidates during clinical test stages. The production facility will supply the active ingredient for Recordati's hypertension treatment Zanidip. A marketing office is also planned for Cork.
Recordati, which is headquartered in Milan, said recruitment would be phased over three years.
The Tánaiste, Ms Harney, hailed the announcement as evidence of the Republic's emerging status as a major player in the global pharmaceuticals industry.
She added: "This is an excellent example of the type of investment IDA is seeking to attract here as it combines research and development, manufacturing and support functions in a quality, high value operation.
"This investment continues Ireland's success in attracting pharmaceuticals and healthcare companies which operate at the leading edge of these sectors both in terms of products and future developments."
Recordati employs 2,100 worldwide and has divisions in France, Portugal, Spain, Switzerland and the United States.
Sales have increased by 30 per cent on average over the past three years.
Consolidated sales for 2002 are predicted to surpass €490 million and earnings before interest and tax are expected to rise 37 per cent to nearly €90 million.
The firm's decision to locate here will further boost the pharmaceuticals industry, which, amid upheaval in the high-tech sector, has proved a model of stability.
Some 20,000 work in pharmaceuticals and healthcare. Employment rose by 4 per cent last year.
