US MEDICAL devices firm Boston Scientific is to invest €26 million in a research and development (R&D) initiative at its operation in Clonmel, Co Tipperary.
The investment is supported by IDA Ireland, but the “vast majority” of the funding is understood to be coming from the company.
It is the first time that Boston Scientific, which employs more than 4,500 people, has made such an investment in its Clonmel operation, although it did invest €91 million in R&D in Galway in 2009.
The funding will allow Boston Scientific to expand significantly its R&D and technical capabilities related to the design of its next-generation cardiac rhythm management devices manufactured at Clonmel.
The initiative will not create any new jobs in the short term but the announcement was welcomed by the Minister for Enterprise.
“R&D investments by leading multinationals like Boston Scientific not only create high-value jobs, but also provide substantial spin-off benefits for Irish businesses, researchers and ultimately the economy,” Richard Bruton said.
An IDA spokesman said the flow of R&D projects to Ireland this year was up slightly on 2010, while the projects tended to be of a higher value, were more strategic and offered greater job creation.
So far, 23 projects had been announced in 2011, compared to 21 for the same period in 2010, or 37 for the full year, the spokesman added. Last year, the total value of R&D projects was €500 million, but this year, projects had already topped €400 million.
