US aerospace company to move headquarters to Dublin

One of the world's largest aerospace companies has chosen Dublin as the location for its new international headquarters, making our capital the hub of the aircraft leasing sector in Europe.

The US firm, CIT, says more than €4bn worth of Boeings, Airbuses and other planes will be leased from Ireland by 2007.

The chief executive of the company, Jeff Peek, said Dublin was chosen because of our tax breaks and the wealth of skilled labour here, as well as the strong aviation presence that already exists in Ireland.

"If you want to be in the aerospace business, Dublin has a lot of people who know what they're talking about, so it's the place to be," said Mr. Peek.