VistaMed Invests €7.2m in R&D with Enterprise Ireland Support
The Minister for Jobs, Enterprise and Innovation Mr Richard Bruton T.D. today (Monday, 24th October 2011) announced that Leitrim medical devices firm VistaMed is to invest €7.2m in research and development and the expansion of its production capacity, creating 79 new jobs – almost doubling its current workforce.
The Minister for Jobs, Enterprise and Innovation Mr Richard Bruton T.D. and CEO of Enterprise Ireland, Frank Ryan get a demonstration from Managing Director of VistaMed Paddy Mulholland after Minister Bruton announced that Carrick on Shannon, Co. Leitrim medical devices firm VistaMed is to invest €7.2m in research and development and the expansion of its production capacity, creating 79 new jobs – almost doubling its current workforce Photo: Keith Heneghan / Phocus.
The investment, which is being supported by the government through Enterprise Ireland, will see VistaMed expand its research and development activities to ensure continued growth in export sales and Irish employment. The investment will also involve an expansion of their manufacturing facilities in Carrick on Shannon.
Making the announcement Minister Bruton said:
“Today’s announcement is a great boost for Carrick on Shannon and the surrounding region, and I commend Enterprise Ireland for the work they have done in delivering these vital jobs.
“However this is also a significant day for the Irish economy. As I have said before, in order to create the jobs we so badly need we must not only deliver high levels of multinational investment, but also create an indigenous engine of growth by driving a step-change in the performance of our domestic exporters. Indigenous exports provide three times more benefit to the Irish economy than multinational exports.
“Vistamed is an Irish company in a regional location taking advantage of Ireland’s excellent record in the multinational medical technology sector to drive innovation and employment growth. We need to see more of this, and in the government’s Jobs Strategy I will announce plans to build on this success to drive an indigenous engine of employment growth”.
Managing Director of VistaMed Paddy Mulholland said:
“VistaMed was founded on being a solution provider for technically challenging Extrusion products and Catheters for a worldwide market. VistaMed has continued to develop it capabilities and today we offer a comprehensive design development and manufacturing of innovative catheter solutions. Our recent partnership with Helix Medical has further enhanced our ability to be a true global partner for our services for which we have seen strong demand internationally.
This investment will allow us to add additional sophisticated equipment and expand our talented technical resources which will enable us to continue to offer a world class service”.
Welcoming the announcement, CEO of Enterprise Ireland Frank Ryan said:
“Ireland is globally renowned for its expertise and innovation in medical devices and life sciences. A high-end manufacturing company, VistaMed is one of our leading home-grown firms in this strategically important sector. This investment, supported by Enterprise Ireland, will help VistaMed create an even stronger position from which to grow its exports and will generate high-value jobs for County Leitrim and the border region.”
Established in 1998, VistaMed offers design, development and manufacturing of complex Catheters and complimentary Medical Devices supported by a state of the art extrusion process manufactures complex medical tubing out of two manufacturing plants in Carrick on Shannon, Co Leitrim and Rooskey, Co. Leitrim. The company employs 93 people in Leitrim and exports to the UK, Europe, America, South America and India.
For further information contact:
Press Office Department of Jobs, Enterprise, Innovation
Tel: + 353-1 6312200
Alan Hobbs, Head of Communications, Enterprise Ireland
Tel: +353 86 8699703
Photo will be available from Enterprise Ireland press office:
Tel: 01 727 2295