West Pharmaceutical Services, a $3 billion New York Stock Exchange-listed pharmaceutical firm, is in talks with the IDA about making an investment of hundreds of millions in the southeast creating hundreds of new jobs.
The talks are understood to be at an advanced stage and initially West Pharma is understood to be looking at investing a figure in the region of €100 million in the southeast.
However, the scale of the 45 acre site would give West Pharma the ability to rapidly ramp up its investment by up to tenfold over a period of years as the rapidly growing multinational’s needs expand.
According to industry sources, talks have been going on for some months about investment in the project on a green-field site on Knockhouse, Old Kilmeaden Road, Waterford.
Cork alternative
The investment would be a major win for the southeast, which has been working hard to become an alternative to Cork as a hub for pharmaceutical and biopharmaceutical investment in Ireland.
Contacted yesterday, Emily Denney, West Pharma’s senior global communications director, said: “We are a growing business. We are always evaluating potential investments and opportunities. At this time no plan for any investment has been finalised.” She declined to comment further.
The IDA also declined to comment. It told The Irish Times last week that it was aware of preparations being carried out on the Knockhouse site which might facilitate future investment.
‘Enhance attributes’
“In order to enhance the attributes of this site to potential inward investors, IDA has asked Waterford City and County Council to carry out site-levelling works during the summer /autumn of 2014,” it said.
West Pharma was founded in 1923 by Herman O West in Philadelphia and it is headquartered in Exton, Pennsylvania. The fast-growing company has centres in Asia and Australia, Europe, and North and South America.
West Pharma already has a base in Ireland and it has many clients based here. It owns Tech Group Europe in Mulhuddart, Dublin 15, which employs 170 people and which supplies the pharmaceutical and medtech markets with precision plastic components as well as clean room moulding and assembly capabilities among other services. West Pharma took over this business in 2005.
