The pharmaceutical company Pfizer has sold its manufacturing plant at Shanbally near Ringaskiddy in County Cork.
Pfizer says it will close the Shanbally facility by September with the loss of 65 jobs. But the plant is being taken over by another pharmaceutical company, California-based BioMarin, which says it will create 100 jobs there over the next five years - a net gain of 35 jobs.
IDA Ireland helped broker the sale of the plant to BioMarin and will also support the company through its recruitment phase.
BioMarin develops treatments for rare diseases and plans to manufacture a treatment currently undergoing clinical trials at the plant.
In May of last year Pfizer announced that it was leaving its plants at Dun Laoghaire in County Dublin and at Shanbally and Loughbeg in Ringaskiddy in County Cork, and that it would put these plants up for sale with a view to saving as many of the 550 jobs as it could.
Since then the plant in Dun Laoghaire has been sold to Amgen, securing the 260 jobs at that site, and the Shanbally plant has been sold to BioMarin. Pfizer is continuing to offer the Loughbeg plant for sale. The company has said it is committed to achieving a positive outcome there also.
Pfizer also announced in May 2010 that it was reducing its 1,000-strong workforce at Newbridge in County Kildare by 275. The company employs more than 4,000 people in this country.
This will be the first time BioMarin has located biopharmaceutical production outside of US. IDA Ireland chief executive Barry O'Leary has said the decision by BioMarin to acquire the Shanbally plant is a significant endorsement of Ireland's wealth of talent and expertise.
Dublin fund administration firm to expand
Butterfield Fulcrum, a fund administration company, is to increase its workforce in Dublin city centre to 100. The expansion is being supported by IDA Ireland.
The company initially established an operation in Ireland in 2009. At the time it envisaged the creation of 40 jobs, but based on upward projections it now expects to grow its Irish workforce to 100.
The company has recently been taken over by fund industry executives in partnership with BV Investment Partners.
Its current activities undertaken in Dublin include fund administration, business development and compliance. The new jobs will be in fund administration, finance and relationship management.
'International financial services is a sector we must target for ambitious growth if we are to create jobs and grow our way out of our difficulties', commented the Minister for Jobs, Enterprise and Innovation, Richard Bruton.
'We already have substantial investment and presence here from major global companies, and have built up a skill-base and reputation in this sector, but we must build on these strengths to enable more domestic and international firms establish and grow here,' he added.