Bright US future for Irish firms

The future for Irish companies in the US is bright, according to American corporate leaders.

At a seminar hosted by UCD Smurfit Business School and Enterprise Ireland yesterday a panel of US experts advised Irish chief executives on targeting the US market.

Addressing the seminar, Bank of New York executive vice-president Brian Ruane noted that the growth of Irish companies in the US had been 37 per cent in 2006. This had been fuelled largely by a number of high-profile acquisitions.

Paul Haran, principal of UCD's College of Business and Law, said that targeting global markets presented many challenges. "However, Irish companies can be successful by developing strong acquisition strategies and using networking opportunities to gain access to leaders in corporate America," he said.

Marina Donohoe, of Enterprise Ireland, also highlighted the opportunities for growth through acquisition.

"Acquisition-led strategies can be value-creating in any industry, and the recent growth in acquisitions by Irish companies is a very positive and encouraging trend, reflecting the maturity of the Irish economy," Ms Donohue said.

"The US and broader Americas markets continue to present significant acquisition opportunities for Irish companies," she added.

Irish companies currently employ approximately 75,000 people in the US.

High-profile acquisitions last year included Riverdeep's takeover of major publisher Houghton Mifflin for $1.75 billion.