New investments show Ireland still first port of call for US firms
Then Taoiseach Simon Harris, Deborah Threadgold, IBM Country General Manager, James Kavanaugh, IBM SVP and Chief Financial Officer and Michael Lohan, CEO, IDA Ireland announcing 800 jobs at the company's operations in Ireland.
Publishing their end-of-year review, the IDA reported record levels of R&D investment by multinationals in Ireland last year, with US firms remaining the backbone of FDI.
Ireland secured 234 investment wins last year, delivering a record level of R&D investment as IDA clients committed €1.9bn across 64 investments. These announcements are expected to create 13,500 jobs in the coming years. Today, the FDI base in Ireland is remarkable. Multinationals now employ more than 300,000 people, 11% of our country's workforce.
US companies are at the heart of this investment. Despite the continued foundation of pharmaceutical and technology firms which form the backbone of American investment on this side of the Atlantic the announcement below highlights how the type of investment has changed and matured.
In tandem with global growth, we have seen US companies turn to Irish shores for the further development of products in AI, financial services, payment technologies, cybersecurity,
Regardless of talk from newly elected President Donald Trump of putting America First and seeking a return of large-scale manufacturing to US shores, Ireland remains a preferred location of US companies when they wish to expand across the globe.
Some of the significant announcements made last year by US companies include:
New Jersey drugmaker Bristol Myers Squibb announced in February that it was investing $400m (€382.2m) in its Dublin 15 Cruiserath Campus towards the build and design of a Sterile Drug Product (SDP) facility, which will support the manufacturing and supply of existing medicines as well as serve as a launch facility for pipeline assets. It is Bristol Myers Squibb’s first European sterile drug product facility for biologics manufacturing. There will be a further 350 roles created in Ireland as part of this investment, bringing the total number of Bristol Myers Squibb direct employees at the campus over 1,000.
Padraig Keane, Vice President, Cruiserath Biologics, said the investment would expand their capacity for aseptic drug products, reinforce stable production for global supply and accelerate the development and commercialisation of innovative biologic therapies alongside other pipeline medicines. "This year we celebrate 60 years of BMS in Ireland, across our three sites in Ireland we continue to play a critical role in the global production, development, and supply network," he said.
US healthcare giant the Cigna Group announced in April that it had chosen Galway as the destination for the new innovation hub for Evernorth Health Services, its pharmacy, care and benefits solution division. The move would create 100 jobs in the following years. with Galway workers engaged in software strategy, architecture, and portfolio and product management of select technology products across The Cigna Group and its businesses. Evernorth said it would recruit top talent, from graduates to experienced technology professionals, across a range of roles in Ireland.
At the time, Luke Warren, Head of Evernorth Ireland, said they selected Galway as a hub because they believe it will help them drive further innovation. "We look forward to deepening our engagement with the Galway community and benefiting from new viewpoints as we deliver on our promises to our stakeholders." Headquartered in Connecticut, the Cigna Group operates as a managed healthcare and insurance company. The firm delivered revenues in 2023 of just under $200bn.
Based in California, Pentagon Technologies announced in February that it was establishing a precision parts cleaning facility in Dundalk. The new facility would create 100 manufacturing jobs over the following five years representing an expansion of services to the semiconductor industry in Ireland.
The new facility, located at the IDA Science and Technology Park, Mullagharlin, Dundalk is strategic in supporting Pentagon Technology’s Irish and European customers. Pentagon is a subsidiary of the Japanese company Kurita Water Industries. "Pentagon has operated in Ireland for the past 20 years supporting new semiconductor fab construction and now has expanded our services for many years to come. We look forward to becoming a major employer in the Dundalk area” says Dave Christeson, CEO of Pentagon.
Californian software company ServiceNow announced it was taking up four floors of office space in Dublin's Dawson Street in April as it relocated its Irish headquartered.
The expansion of its footprint comes after the company announced its intention to create a further 400 new roles in 2023, effectively doubling its workforce in Ireland in the following years. Half of those jobs were already filled by last April.
The new space houses more than 37 different global and regional teams across a range of functions, including engineering, sales, global talent, digital technology, finance and legal.
ServiceNow has grown from a handful of employees in Ireland to more than 600. “ServiceNow has been present in Ireland since 2018 and it has been a key part of our rapid growth across both in EMEA and globally, as corporations and governments across the world, turn to the power of our platform to fulfil their digital needs and improve their speed and efficiency,” said Mark Cockerill, Senior Vice President, Legal at ServiceNow.
One of the world's largest technology companies, IBM cemented its future position in Ireland having first established operations here 65 years ago. During that time it has continually evolved its operations and capabilities to support the company’s global strategy. Today, IBM's operations in Ireland help clients across key sectors such as financial services and healthcare to streamline their business processes, increase productivity and gain competitive advantage. Ireland is also host to IBM Research’s only facility in the EU.
In May they a new investment that will create up to 800 high-tech jobs, helping build advanced software underpinned by the latest Artificial Intelligence technologies to advance security, automation and hybrid cloud.
The investment creates hundreds of roles in research and development, digital sales and consulting. The announcement secures Ireland's position among IBM’s most strategic locations globally. The roles are being created across IBM sites in Dublin, Cork and at IBM’s subsidiary, Red Hat, located in Waterford.
Speaking in May, James Kavanaugh, IBM senior vice president and chief financial officer, said the announcement is a result of their strong relationship with IDA Ireland and the Irish government. "But is also a testament to the calibre of talent here in Ireland, one of many reasons Ireland continues to be a strategic location for IBM," he said.
Headquartered in Michigan, fintech Bancard announced in June that it was choosing Limerick as its R&D centre of excellence.
The operation would be responsible for developing the company’s portfolio of next-generation risk management products and services. NAB serves hundreds of thousands of businesses and with over $100bn (€95.5bn) per year in electronic transaction volume.
Pennsylvania company PennEngineering, a global leader in fastening, announced in July, the expansion of its Galway operations. The significant extension will create 70 jobs over the following five years, in support of the company's commitment to growth and community development.
The €14m expansion project involves the construction of a new building, a state-of-the-art technology and training centre as well as testing laboratories and a customer experience centre that will enhance PennEngineering’s capacity to meet the increasing demand for its engineering fastening solutions. The new jobs created will span a variety of roles, including manufacturing, engineering, training and more, offering diverse opportunities for local talent.
Mary Ann Fleming, President of PennEngineering Europe said the investment reflects their confidence in the potential for growth in the region and commitment to contributing to the local economy.
In August, Delaware company Ashland confirmed it had completed the expansion of its pharmaceutical injectables manufacturing and R&D lab at the National Science Park in Mullingar. The global additives and speciality ingredients company said the expansion significantly expands its footprint, capabilities and headcount of the Irish facility.
New York audio entertainment company SiriusXM announced in August that it was opening of a new state-of-the-art technology facility in Dublin. Then in November, the company said it planned to hire approximately 200 employees over the next few years in Ireland. The company’s Dublin-based employees are expected to play a critical role in the audio entertainment company’s continued digital transformation, and will function as a centre of excellence for the firm's Product and Technology organisation.
SiriusXM’s Dublin workforce will primarily focus on software development, automotive technology and engineering, adtech, data science, and analytics.
Pennsylvanian technology and investment firm SEI announced in October that it was opening new office space in Dublin, reinforcing the company’s commitment to the European market and focus on driving strategic growth globally. SEI’s Dublin operation experienced significant growth over the last five years, increasing more than 125% in headcount.
The office is now SEI’s largest in Europe with more than 400 employees servicing its European clients and nine out of its top-10 global clients as part of SEI’s client-centric operating model.
In November, tech giant Microsoft picked Ireland as a key location to invest in advancing its global AI innovation. The decision will result in Microsoft adding 550 engineering and R&D roles to pioneer the development of new AI technologies over three years.
Microsoft first invested in Ireland in 1985 and the expansion in 20204 brings the company's workforce here to more than 6,000 across a multifunctional campus in Leopardstown, its data centre campus in Grange Castle, and LinkedIn.
New Jersey pharmaceutical firm PTC Therapeutics opened a new office in Dublin in October to mark its tenth anniversary in Ireland. The site will play a key role in the company’s expanding commercial portfolio and pipeline, ensuring PTC’s innovative medicines reach more patients worldwide.
PTC Ireland is responsible for the global supply chain of PTC rare disease therapies to more than 50 countries around the world. With nine departments and more than 50 employees, the teams in Dublin also manage global quality operations, global pharmacovigilance activities, and commercial sales and finances for Europe, Middle East and Africa (EMEA) and Asia Pacific (APAC) regions.
“Our Dublin site has been instrumental in the company’s regional success and global growth, and our new office will remain important to our global and multidisciplinary teams as a vibrant international hub," Adrian Haigh, Company Director Ireland and Head of Emerging Markets said.
In December, Californian, cybersecurity giant McAfee marked its 20th anniversary of successful operations in Cork. Global roles are operated by the teams in Cork in key areas of research and development, engineering, finance, accounting, payroll, tax, and HR.
Fiona Murphy, International Controller and Director, McAfee Ireland said: "Our success is a testament to the hard work and dedication of our entire team, as well as the trust and loyalty of our customers. We look forward to continuing our journey and making a positive impact in the community for many more years to come."
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