Amneal Makes Strategic Investment in Ireland
U.S. generics manufacturer acquires Tipperary plant to spur European expansion – company expects to hire an estimated 250-300 employees at full build-out
Bridgewater, New Jersey (USA), July 31, 2015 – Minister for Jobs Richard Bruton TD today announced that Amneal Pharmaceuticals LLC (www.amneal.com), a U.S.-based generic drug manufacturer, has purchased a 200,000 square foot facility in Cashel, County Tipperary, Ireland.
The former Johnson & Johnson plant was sold by owner Solidus Private Equity, a Singapore-based investment firm. Amneal worked closely with Foreign Direct Investment agency IDA Ireland.
The investment is supported by the Department of Jobs, Enterprise and Innovation through IDA Ireland.
The Cashel site will be dedicated to R&D and production of metered dose and dry powder inhalers (MDIs and DPIs) as well as biosimilars – all high-end specialty medications – with each product occupying approximately 50% of the building. Amneal expects to hire an estimated 250-300 employees at full build-out.
"Our new Ireland facility is critical to Amneal's long-term global growth, in Europe, the U.S. and throughout the world," explained Chintu Patel, Amneal Co-CEO and Co-Chairman. "We appreciate the outstanding support from IDA Ireland and others in helping us establish ourselves in County Tipperary and are excited to launch our operations here."
Minister for Jobs, Enterprise and Innovation Bruton said: "Through our regional jobs plans we are determined to accelerate jobs growth in every region of the country. The South East is an area which has suffered from unemployment historically, but in the past three years it has seen the fastest rate of jobs growth in the country. The project we are announcing today with support from my Department represents a massive boost for Cashel and the whole of Tipperary. I wish Chintu and all the team great success with this investment."
Minister for Environment, Community and Local Government Alan Kelly said: "Tipperary has a huge deal to offer multinational companies like Amneal and I look forward to assisting them as they set up their Cashel site. Access to talent and good infrastructure are vital for investments of this size – Amneal will find both here in Tipperary."
Minister of State at the Department of Agriculture Tom Hayes said: "I have met this company previously on several occasions when they were assessing Cashel as an investment location. Cashel is a great place to invest, and one in which I hope Amneal can thrive over the coming years."
Martin Shanahan, CEO of IDA Ireland said: "Regional development is a core part of IDA Ireland's strategy. This announcement is great news for Tipperary and the whole of the South East region. That Amneal has chosen to locate in a facility that had been occupied previously is especially pleasing and is a credit to the IDA executives who are advertising relentlessly ready-to-go sites just like this in boardrooms across the world on a daily basis."
Besides the availability of the J&J plant, Amneal chose Cashel for the quality of its local workforce, the enthusiastic support of government leaders and a positive business environment. The company in turn brings to Cashel a proven track record of providing steady jobs, empowering employees to do their best work and collaborating with the surrounding community to build a superb operation aligned with Amneal's core values.
From its humble start in 2002 as a contract drug manufacturer, Amneal has grown to its current position as the 7th largest U.S. generics supplier by volume. The company has achieved this tremendous growth through its total dedication to producing the highest quality generic medicines and delivering award-winning customer service.
To become a world-class generics player, Amneal is targeting expansion in Europe, Australia, Japan, Southeast Asia and Latin America. Pursuing strategic acquisitions or partnerships in Ireland and other countries that welcome U.S. businesses, as well as diversifying into complex, high-value products, will fuel the company's smart, sustainable growth for years to come.
Amneal's guiding principles—the relentless pursuit of quality in every aspect of its business, providing customers the best possible service and building long-term relationships—are what has made it a true market leader. The management team looks forward to sharing these principles for success at the company's new location in Ireland and actively contributing to the community of Cashel and its people.