Tánaiste Announces 50 New Jobs In Shannon Free Zone

Making the job announcement the Tánaiste said, "I am delighted to announce that US owned company SGS Tools from Ohio, is establishing an Irish base at the Shannon Free Zone.

"Melcut Cutting Tools Ltd is the name of the Shannon-based company and it is creating 50 new jobs at the Shannon Free Zone with support from Shannon Development.

"Established in the early 1960's, SGS Tools is a manufacturing company specialising in rotary cutting tools which it markets today to over 60 countries worldwide."

The Tánaiste continued, "The decision by Melcut, a global leader in its field, to establish 50 jobs at Shannon and undertake a €2 million capital investment programme, is a strong vote of confidence in the facilities and skilled work force at Shannon Free Zone.

"Shannon Development's securing of the Melcut investment shows the competitiveness and relevance of Shannon Free Zone in our drive to stimulate regional economic growth." she said.

Commenting on Shannon Development's end of year results for 2008, the Tánaiste said, "The work of Shannon Development is central to the national policy objective of delivering balanced regional development which is a key priority of this Government as set out in the National Development Plan.

"Shannon Development performed well in 2008 despite a difficult global environment, and it delivered strong results for the Shannon Region.

"I am particularly pleased that Shannon Development is continuing to look to the future and plan for the needs of potential investors."

2009 marks the 50th anniversary of Shannon Development, Ireland's only regional development company.

The Company was originally set up on 28th January 1959 as Shannon Free Airport Development Company (SFADCo) by Government when the arrival of the jet age threatened to allow planes by-pass Shannon Airport.

Shannon Development's first Chairman was pioneering visionary Dr. Brendan O'Regan, and he was responsible for setting goals for Shannon Development to promote Shannon Airport and its hinterland, and create reasons for visitor and businesses to come to the area. Commenting on the importance of Shannon Development the Tánaiste said,

"Throughout its 50 years of serving the people of the Shannon Region, Shannon Development has come up with many innovative ideas which have been copied world-wide, it invented the world's first duty free zone, established Ireland's first technology park - the National Technology Park in Limerick, began the world famous medieval banquets at Bunratty Castle.

"Many early initiatives pioneering by Shannon Development were rolled out nationally among them the 'rent an Irish cottage' scheme, and the 'matchmaker' programme which linked international industry with local Irish businesses.

"Today I am glad to say the Company is still coming up with innovative ideas and approaches, and I am confident that the Shannon Development will continue to be a driving force for economic development into the future."