Enterprise Ireland said today that a number of companies in its 'scaling division', which focuses on grooming future Irish multinationals, are on track to hit €100m sales by 2010, with acquisition activity playing a big part in their growth.
The State agency said a further 19 scaling companies, which cover all sectors, have surpassed thresholds of €10m, €15m and €20m in global sales last year.
As part of its three-year strategy Transforming Irish Industry 2004-2007, EI set up its scaling division to work with eligible companies to grow them to a scale capable of competing more aggressively in international markets.
Head of the division, Patricia McLister said today that developing a solid base of Irish multinationals is a key element in Ireland's continued economic growth.
She said that acquisition as a strategic growth option has been a factor in more than 50% of scaling companies.
