MINISTER for Finance Michael Noonan will meet top executives of the Nasdaq listed US company that is set to invest €220m in Limerick when he visits New York this week.
The Limerick minister left for New York yesterday to promote investment in Ireland in a four-day mission, and will be accompanied throughout his tour by representatives from the IDA and the NTMA. Over the course of his visit, the minister will undertake a number of interviews with international media organisations including Bloomberg, and the Wall Street Journal.
Speaking ahead of the visit, he said: “The Irish recovery is well underway and there is significant interest from investors and multinational companies in Ireland. The primary objective of travelling to New York is to capitalise on this interest. Over the course of the week I will be meeting with a number of IDA and NTMA clients and encouraging them to convert their interest into investment and jobs in Ireland.”
Of key interest to Limerick is his meeting with Regeneron Pharmaceuticals, which plans to invest €220m and create 300 hi-tech jobs in Limerick by 2016 when it takes over the former Dell site there. Mr Noonan will make a courtesy visit to Regeneron’s headquarters in Tarrytown, which is in the state of New York.
Regeneron’s investment will be a major boost to Limerick city, which was left reeling five years ago this month when Dell announced that it would be cutting 1,900 manufacturing jobs at its Limerick plant that year and moving its production to a lower cost base in Lodz, Poland.
“This is Regeneron’s first major expansion outside the United States and is strategically important to our company,” said Daniel Van Plew, Regeneron’s senior vice-president and general manager of industrial operations and product supply.
The investment programme includes the major refurbishment of existing buildings, and the construction of a quality-control laboratory, will transform the site into a world-class biopharmaceutical campus.”