Pharmaceutical firm, Pinewood Healthcare, is investing €19 million in an expansion of its manufacturing facilities at Ballymacarbry, Co Waterford.
The investment brings with it 150 new jobs, 65 of which have already been filled. The remaining 85 will be created over the coming 18 months, bringing the firm's staff levels to 285.
Pinewood is adding 14,000 sq ft to its production capacity and is expecting to more than double its potential output.
The company manufactures and distributes a range of generic drugs to pharmacies, wholesalers and hospitals, both in the Republic and abroad.
Its biggest export market is the UK but it is also active in continental Europe, the Middle East and west Africa.
A deal to purchase a smaller pharmaceutical manufacturer in Germany is nearing completion as Pinewood seeks to gain a firmer foothold in continental Europe's biggest market.
The company makes and sells versions of successful branded drugs where the patent has expired. Pinewood can charge less for its products because it does not need to recoup research and development costs.
The company had sales of €40 million in the year ending on June 30th, up from €34 million in the previous year.
It has not yet posted its most recent profit figure, but accounts filed for the 2003 show a pre-tax profit of €3 million. This was up from €1.8 million in the previous year.
Pinewood was founded in 1976 by Waterford man, Mr Terry Hanna. The company was taken over in the 1980s by chartered accountant, Mr Michael Costello, who remains managing director and majority owner.
The firm is supported by Enterprise Ireland, which will contribute €1.1 million of the latest investment. The remainder will be provided by Pinewood through a mixture of cash and borrowings.
The company has, together with Enterprise Ireland, invested €13 million in research, plant equipment and technology over the past three years.
Launching the latest investment yesterday, the Minister for Health and Children, Mr Martin, paid tribute to Pinewood for building a major Irish-owned pharmaceutical company that has made its mark in both national and international markets.
"I look forward to hearing more from this company in the months and years ahead," he added.
