Taro marks first year in Tipp

Marking its first year anniversary in Roscrea, Co Tipperary, Taro Ireland announced details of the first phase of its Infrastructural Development Programme 2004.

Taro, founded in Israel in 1950, is a multinational, science-based pharmaceutical company.

Last year, Taro recorded twenty consecutive years of record sales, with sales increasing by 49% to $315.5m (€256.29m).

Michael Smith Minister for Defence, who attended, said: "In 12 months we have witnessed the creation of 64 highly-skilled jobs and Taro has given a commitment to raise this figure to 85 by the end of this year.

"This, coupled with an aggressive infrastructural spend, will result in a major boost to North Tipperary's economic community."

The company established its European base in Ireland in March 2003, positioning the Roscrea campus as a multi-purpose pharmaceutical manufacturing facility and R&D centre.

Today's announcement represents a key landmark in the company's plans to upgrade the Roscrea facility into a state-of-the-art European research and production unit.

According to Michael Buckley, CEO of Taro Pharmaceuticals Ireland, the infrastructural investment programme will fast-track Taro's growth potential in the European market place.

Contracts were awarded to John Sisk and Sons Ltd and Suir MEC for the first tranche, which is valued at more than €2 million.

It will include the construction of cutting-edge laboratories, and building work is already underway.

In addition, upgrading and refurbishment work on existing structures has also commenced and will remain a priority as will investment in technology and equipment.

The company has facilities in America, Canada, Israel, Britain, Hungary and Ireland.