The new chief executive of pharmaceutical group Elan has said the company will retain its corporate headquarters in Ireland, and maintain its manufacturing facility in Athlone.
Elan now employs 560 people in Ireland, after laying off about 330 last year, when concerns about its accounting policies led to its share price falling around 95%.
In his first Irish interview, former Merrill Lynch executive Kelly Martin said the potential to grow Elan's business in Ireland and Europe was enormous.
Martin replaces Donal Geaney, who stepped down from the position of chief executive after serious questions were raised about the way the senior management dealt with last year's crisis.
Martin also said he had not taken the job to prepare Elan for a sale. He said he wanted to grow the company as a unique entity.
Elan is selling assets to raise $1.5bn to pay off substantial borrowings, but Martin said he was confident a $1bn debt payment due at the end of next year could be paid without having to issue more shares.
Martin said he had taken a pay cut to move to Elan, but was keen to work in a business which had the potential to develop life-saving drugs. He did not reveal his pay package, but said it would be substantially linked to a recovery in the company's share price.
He said that despite his lack of pharmaceutical experience, he believed his business skills could help provide a solid foundation for the company's future growth.
