Pfizer, the world's largest pharmaceutical company, is to establish its European Financial Service Centre in Dublin, with the support of the IDA. The centre will provide office backup for Pfizer's European operations and will create 200 jobs.
The company already employs 1,600 people at its manufacturing plant in Cork and Dublin. It also has a treasury and banking service in Dublin's IFSC.
George Henninger, Vice President of Pfizer, said Ireland faced stiff competition for this investment. It was chosen mainly because of its access to a broad base of skilled resources.
The new centre will process financial activities for the company's European operations in such areas as purchase payments, travel, tax and general accounting.
Pfizer executives held a meeting with Tanaiste Mary Harney this afternoon. Speaking afterwards, the Tanaiste said that Pfizer's decision will enhance the IDA's position in attracting finance type activities from companies in the pharmaceutical sector.
Ms Harney also said that today's jobs announcement is the first IDA-supported investment in 2003. She said she is optimistic that it will be a strong first quarter for such investments. She said she based this on the high number of negotiations currently underway between IDA Ireland and some leading international companies regarding significant new investments.
Today's news follows the announcement of the closure of Square D in Ballinasloe yesterday with the loss of 385 jobs and the axing of 167 jobs in Microsoft in Dublin earlier this week.
