Medical devices and healthcare company Abbott is to invest €37.8m in its research and develoment centre in Clonmel, Co Tipperary over the next three years.

The investment, which is being supported by the Government through IDA Ireland, will go towards the research of a number of cardiovascular projects, including stents and endovascular balloons.

Abbott said its Clonmel team had spent three years developing its XIENCE Sierra stent, which is now being used around the world. The stents are also manufactured in the Tipperary facility.

"Today's announcement places us at the vanguard of Abbott’s global research efforts in cardiovascular treatments," said Deirdre Mullins, Abbott's site director in Clonmel. "We are very proud that the life changing technologies we design and manufacture in Clonmel are saving lives in Ireland and across the world."

The investment comes as Abbott marks its 75th year operating in Ireland.

"Abbott has demonstrated real commitment to its Irish operations in its 75 years here, investing and expanding its operations and growing jobs across its manufacturing and shared services sites, employing over 4,000 people in Ireland," said IDA Ireland CEO Martin Shanahan. "The economic and jobs benefit of Abbott’s longevity here is substantial. I congratulate the Irish and global teams on this investment and wish Abbott continued success in its operations here."