Ireland's Minister for Enterprise, Trade and Employment Micheál Martin, has announced that Pfizer Inc., the world’s largest pharmaceutical company, is to invest EUR190mn, with the support of IDA Ireland, in the establishment of a biologics facility at Shanbally, County Cork.
The new plant will create approximately 100 high quality Pfizer jobs over three years.
In addition, the investment will result in up to 500 construction and service jobs during the peak of building activity.
The investment is a key milestone in realising Pfizer’s corporate ambition to become a global leader in the Biotherapeutics space.
The company is reportedly aiming to establish a top-5 global position in the next 8 years, where biologic products would account for greater than 20% of revenues and pipeline.
Minister Martin, welcoming the investment, commented that:
“This is a strategically important development for Pfizer as it is the first time it has placed its internal biopharmaceutical clinical production and process development activities outside of the US."
"Pfizer has made a tremendous contribution to Ireland’s Life Sciences industry since it established here in 1970 and this investment is a further demonstration of the company’s continuous commitment to Ireland. The decision to place such a sophisticated and technologically advanced operation here is a significant endorsement of Ireland’s wealth of talent and expertise."
“The success of Pfizer’s operations here has placed Ireland in the enviable position of winning this much sought after investment against strong competition internationally, particularly as it will be instrumental in making Pfizer a leader in the global biologics industry. I congratulate the management and workforce at all of Pfizer’s existing Irish operations for this outcome."
Pfizer is one of Ireland's largest pharmaceutical multinationals. It was among the first to set up in Ireland, opening its main Ringaskiddy plant in Cork in 1972.Pfizer has a number of different business units in Ireland: five manufacturing sites; a sales and marketing presence in human prescription medicines and animal health medicines; a treasury operation in the IFSC; and a Global Shared Services business.
The firms employs close to 2,300 people in Ireland, and accounts for a capital investment of well in excess of EUR1bn.
A comprehensive report in our Intelligence Report series looking at Tax-Effective Global Manufacturing and Financing Structures is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report8.asp
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