Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
American multinational pharmaceutical company Eli Lilly has unveiled details of a 400 million euro investment, which will create 200 jobs in a new biopharmaceutical facility at its plant near Kinsale, Co Cork. The jobs, which will come on stream over the next five years, will involve recruitment of third-level graduates, many with PhD qualifications, and will bring staff numbers at the plant at Kinsale to 600 in total.
Minister for Enterprise, Trade and Employment, Micheál Martin, welcomed the announcement and said the investment, supported by IDA Ireland, confirmed Ireland's growing importance as an international centre for biopharmaceutical development. "This announcement further strengthens Ireland's, and in particular Cork's, position as the number one location of choice for major biopharmaceutical activity outside the US. It is a major achievement for IDA Ireland to have won this investment against intense global competition," said Mr Martin.
Eli Lilly has been established in Kinsale since 1981 and employs some 400 people in manufacturing the active ingredients for a number of the company's best known products, schizophrenia treatment, Zyprex, and osteoporosis treatment, Evista. The new biopharmaceuticals facility in Dunderrow will use the latest technology to develop medical proteins to create medicines to treat illnesses including cancer, diabetes and Alzheimer's disease.
Eurofound (2006), Eli Lilly, Business expansion in Ireland, factsheet number 64583, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/64583.