€132m Carrigtwohill med-tech investment a 'resounding endorsement' of Cork

A €132 million investment into a Cork-based med-tech company has been described as a “resounding endorsement” of the area.

The Carrigtwohill-based company, GE HealthCare, announced the multi-million euro investment on Friday, which will see a new 3,000m2 facility established to support pipeline products and cater to growing global demand.

As part of his first engagement as Taoiseach in Cork county, Micheál Martin turned the sod at the site, and was joined by fellow party members, Cork East TD James O’Connor and Cork North-Central TD, Padraig O’Sullivan.

“GE HealthCare has been manufacturing in Ireland for more than 30 years, and has invested extensively in the Carrigtwohill site and the people working here,” said Mr Martin.

“What we are witnessing is continued advancement and growth in the company, in high-quality, high-end manufacturing, [which is] a very key part of the medical world in terms of diagnostics.

“This is very good news, and what’s impressive is it’s based on the quality of people who work here.

“Human capital [at GE HealthCare] has grown and developed, and is the key ingredient in ensuring that the Cork plant plays a significant role in meeting the growing market globally.

“I am delighted to welcome this significant new investment here in Cork, which is testament to the commitment of GE HealthCare in Ireland, and also to our highly skilled workforce.” 

CEO of Cork Chamber, Conor Healy said the investment is "a resounding endorsement of Cork and Ireland as a world-class location for global businesses to invest, grow and thrive".

He added: “This expansion underscores the confidence that foreign direct investment companies have in our region.

“GE HealthCare has been a valued part of Cork’s business landscape, [and] beyond the benefits to healthcare innovation and supply chain security, this investment will deliver a major economic boost to our region.

“The creation of 250 jobs during the construction phase will [also] provide significant opportunities for local contractors, suppliers, and service providers, further stimulating business activity and economic growth in Cork and beyond.

“Cork has long been recognised as a dynamic hub [and] once operational in 2027, this state-of-the-art facility will continue to strengthen our life sciences ecosystem, attracting further talent and investment to the area.”

The company said that by the end of 2027, the new state-of-the-art facility, on the grounds of the existing site, will enable a further 25m patient doses per year of contrast media, which is injectable diagnostic imaging agents used to enhance visualisation of organs, blood vessels, and tissues during medical imaging.

The facility is set to include solution preparation vessels, multi-functional powder handling systems, a new filling line and autoclaves, with advanced automation systems underpinning production.

Engineering firm IPS-Integrated Project Services will lead the project, enabling construction works to start at the facility next month.

As part of this project, more than 250 construction roles are expected to be created.

Kevin O’Neill, president and CEO of GE HealthCare’s pharmaceutical diagnostics (PDx) segment, said the new facility demonstrates the company’s broader commitment “not just to address future demand, but also to increase resiliency and security of industry supply for customers”.

Site leader and managing director of GE HealthCare Ireland, Eugene Barrett, said: “This expansion strengthens our longstanding presence in Cork, where we have a highly skilled team, access to leading talent in the pharmaceutical industry, strong distribution links around the world and a great partnership with IDA Ireland.”

IDA Ireland CEO Michael Lohan said: “[This] announcement by GE HealthCare to expand their manufacturing facility and related expertise for producing vital pharmaceuticals and creating employment opportunities is very welcome. It’s an endorsement from GE HealthCare senior leadership team of the confidence in the capability and competency of the team at the Carrigtwohill campus developed over three decades.”