Five firms to invest €53m in R&D

FIVE major multinationals are to spend a total of €53 million on new research and development (R&D) facilities in Ireland, enterprise minister Micheál Martin announced yesterday.

The package will include a €20 million investment by drug giant Pfizer at its Ringaskiddy base and plans by Genzyme to spend €6m on R&D at its Waterford plant, which manufactures tablets for dialysis patients.

Financial services heavyweight Citigroup will set up a new unit for developing new cash management and payments processes in Dublin's IFSC, at a cost of €10m, while pharmaceutical leader Bristol Myers Squibb will launch a new research programme in conjunction with Dublin City University and NUI Galway that is worth almost €10m.