Up to 1,000 jobs are to be created by US multinational Dexcom in Athenry, Co Galway.
The company manufactures continuous glucose monitoring technologies for the management of diabetes.
This is the Dexcom's first manufacturing site in Europe and will be built on the town’s IDA landbank.
The new facility represents a €300 million investment over five years, and comes as the company has seen significant growth in demand across Europe.
"It was the next step on our expansion to add a manufacturing location in Europe," said Barry Regan, executive vice president of global operations at Dexcom, who was speaking on RTÉ's Morning Ireland.
"After a detailed due dilligence Ireland rose to the top for lots of reasons. In the west of Ireland - because of the already established medtech ecosystem that exists there - we found a perfect site in partnership with the IDA, which gives us huge accessibility to talent," Mr Regan said.
"With the investment in infrastructure, with the motorways, within a 30 minute commute we've access to potential employees as far south as Limerick, in Galway obvious, as far east as Westmeath and up through Sligo," he said.
"And finally, what was compelling for us, was the number of really high quality third level education institutions across the west of Ireland. It checked all of the boxes for us," he added.
Dexcom's continuous glucose monitors work by inserting a small sensor just under the skin which provides real time data on glucose levels to diabetes patients on their smartphone, smartwatch or Dexcom receiver.
The Athenry plant will have the capacity to produce tens of millions of its latest, cutting-edge monitors each year, once it is completed.
On its hiring plan, Mr Regan said it had already recruited some staff for its executive leadership team, with the bulk of the jobs set to be filled in 2024 and 2025.
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"We're going to need engineers, mechanical engineers, electronic engineers, micrbiologists, scientists," he said. "And all of the support functions - finance, supply chain, procurement."
A recent survey of businesses in Galway found that many firms were struggling to attract talent - with a lack of affordable housing a key factor in that challenge.
However, Mr Regan said he was confident Dexcom would be able to attract workers, in part due to the accessibility of its manufacturing plant.
"The location we've found is just perfect because it's not in Galway city - it's a regional location, it's three kilometers east of the new Sligo to Limerick motorway, it's on the Dublin to Galway motorway, so it gives us access to communities and towns over a wide reach," he said. "I think there's about 650,000 people that live within a 30 minute commute of where we are.
"We think we've found a great location with lots of accessible talent, and we're partnering with all of the local agencies and county councils."
Spin-off opportunities
Welcoming the announcement today, Taoiseach Leo Varadkar said Dexcom will be one of the biggest single private sector investments in the west of Ireland and will bring many spin-off opportunities for other businesses in the region.
"The announcement that Athenry is to become Dexcom's first manufacturing site in Europe is very much in line with the Government’s policy of balanced regional development," Mr Varadkar said.
"It has been enabled by major government investment in infrastructure in the area and a lot of hard work on the part of IDA Ireland."
Minister for Enterprise Simon Coveney said the project was a huge vote of confidence in Ireland's significant medical technology cluster.
"The very substantial employment opportunities that accompany the arrival of Dexcom in Athenry will be a considerable boost to the west, mid-west and midlands regions," he said.
IDA Ireland say investment in a regional location will deliver a widespread economic boost for the area.
Chief Executive of IDA Ireland Michael Lohan said he said that he expects this investment to have a big impact on the wider regional area, particularly the midlands.
Speaking to RTÉ's News at One, Mr Lohan added that Dexcom was confident in the ability of Ireland in terms of infrastructure and said the country has shown focus and agility to respond to challenge.
In addition to creating up to 1,000 new jobs, Dexcom says it expects to employ an additional 500 workers in the construction of the plant.
Many of the world's leading drugmakers have operations in Ireland, including Pfizer, which plans to invest more than €1.2 billion to expand manufacturing at its plant in Dublin.
Rival Abbott Laboratories also said in August that it would create about 1,000 jobs with expansion of its manufacturing facilities.
In Athenry the jobs announcement was the talk of the town. Locals said it would be a major boost for the region.
Joanne Melia is a local businesswoman whose family run the Fields of Athenry gift shop.
"Our phones are hopping and the town is overjoyed at this great news. We have the infrastructure for a massive investment like this.
"We're just off the motorway and in easy access of Dublin Airport as well. This will be a shot in the arm for our young educated workforce and means they will stay in Galway," she said.
'Game changing'
Galway County Council described the investment as "game-changing".
"This announcement is a massive shot in the arm for the local economy," said Cllr Michael (Moegie) Maher, Cathaoirleach of Galway County Council.
"It is vote of confidence in Galway and one that I hope will encourage Irish medical technology firms and other multinationals that are considering investing in the County or expanding their footprint in the wider region."
