More than 170 new jobs are to be created by two companies in Dublin and Meath.

Manufacturer Mafic is to build a basalt-smelting plant in Kells, Co Meath, which will create 70 jobs over the next three years. The Luxembourg-based company has the exclusive technology rights for the production of basalt fibre, which is used as a fireproof material in the car and aerospace industries.

Mafic will make the fibre from crushed basalt rock, which is being sourced from the Ukraine and melted in specially commissioned furnaces.

Its plant, which will be based in the Kells Business Park, will create employment opportunities for 70 people in the areas of general management, shop floor managers, general operatives and administrative staff.

Mafic is the biggest employer secured to date under the ConnectIreland initiatives, a Government-backed plan that uses incentives to encourage people to target investors that might not otherwise be reached by State agencies.

Register
Under the scheme, individuals can register on the organisation's website and they can then put potential overseas investors in touch with ConnectIreland, which sets the process of getting them to establish a base here in motion.

ConnectIreland works with the IDA, local authorities and other groups. In return, the exchequer pays it €4,000 for each job created and sustained for a minimum of a year.

That sum is shared with the individual who introduces the investor to the Republic in the first place. Hugh Morris, the Kells-based auctioneer who first got in touch with Mafic, will get €105,000.

Along with Mafic, ConnectIreland’s Terry Clune said yesterday three other companies that will employ a total of 70 people are preparing to set up shop in the Republic, while a further two smaller organisations, set to hire 25 people in all, are submitting business plans.

ConnectIreland was set a target of attracting 5,000 jobs over five years. Announcing the Mafic investment yesterday, the Minister for Jobs, Enterprise and Innovation, Richard Bruton, said he was confident it would achieve this.

Finance firm
Separately, international finance firm Aztec Money is to set up its global headquarters in Dublin with the creation of a 100 new posts over the next two years. The company, which already employs 30 people here, specialises in connecting SMEs with institutional investors.

It said the new jobs, which will be based at George’s Quay in Dublin, would be multilingual positions in the areas of data processing, marketing, sales and IT.

Access to finance
Mr Bruton said improving access to finance is a key part of the Government's plans for jobs and growth.

“Since taking office, we have put in place new funding mechanisms that will make available an additional €2 billion in credit for Irish businesses,” said Mr Bruton.

“Aztec Money is announcing that it is establishing an innovative new service for Irish SMEs to help improve cash flow, which will be a very welcome addition to the support available to job-creating businesses here.”