Pharmaceutical giant Janssen Sciences Ireland - a subsidiary of Johnson & Johnson - has announced a €300 million expansion of its Ringaskiddy facility in Cork harbour, and the creation of 200 new jobs.
The company says an additional 450 jobs will be created during construction, which is due to begin later this month and is expected to take two years.
In a statement issued this afternoon Janssen General Manager, Kyran Johnson said the expansion will allow the company to meet demand for its drugs in the areas of multiple myeloma, rheumatoid arthritis and Crohn's disease.
Janssen Sciences Ireland UC has operated a bio-pharmaceutical facility on its 40 hectare site at Ringaskiddy since 2005. 555 people are currently employed at the site.
Overall, Johnson & Johnson employs more than 2,700 people at 11 sites across Ireland.
Today's announcement has been welcomed by Tánaiste and Minister for Business, Enterprise & Innovation, Frances Fitzgerald.
The CEO of IDA Martin Shanahan also welcomed the announcement, and said it will have a significant economic impact on the south west region.
