Ireland's Chanelle Group invests €70 million in pharmaceutical R&D and manufacturing

Specifications:

Name:

Ireland's Chanelle Group invests €70 million in pharmaceutical R&D and manufacturing

Location:

Ireland

Company:

Chanelle Group

Estimated Cost:

€70 Million

Source:

chanellegroup.ie

Introduction:

Chanelle Group, Ireland’s largest indigenous pharmaceuticals manufacturer announced to invest €70 million which creates 175 New Jobs.

Features:

This investment programme will double production capacity at our Loughrea manufacturing facility to ensure we can meet the global demand for both our–market-leading pharmaceuticals and the new products in development.

Mr. Burke added that Chanelle Group will be expanding into new markets including the United States, Central and South America.  He expects revenues to increase by 65% over the next five years. We invest over €8million annually in research and development and this investment will continue as we launch 75 new products over the next five years in both human and veterinary products.

175 new jobs will be created bringing total employment in Chanelle Group to over 550 people.  These will be high value jobs. 50% of Chanelle Group’s existing workforce holding a 3rd level qualification.  Construction on the expansion of production facilities which will add 30,000 sq.ft. of manufacturing plant will commence in March.  45 jobs will be created during construction.