Japanese electronics group Alps Electric will create 140 jobs with a €14 million investment in its auto parts plant in Millstreet, Co Cork. The five-year scheme is being backed with grant-aid from IDA Ireland.
In Cork since 1988, the company currently employs 410 people in a unit that makes electronic controllers, door modules and light switch systems for the EU market. It currently produces 40 per cent of all Alp products sold in the EU. This will rise to 60 per cent when the expansion is complete.
The latest Companies Office filings show that sales in the Millstreet unit fell to €57.99 million last year from €65.36 million in 2003. Pretax profits fell in the same period to €2.05 million from €5.69 million.
Minister for Enterprise, Trade and Employment Micheál Martin said the investment would bring the operation to a higher level.
"It will increase the Irish operation's already important role in its parent company in Japan and in its global business. This is a significant boost for the company and I congratulate the management team and workforce for their ongoing commitment and dedication," he said.
Alps Electric president M Kataoka said the investment was driven by the growth in demand from the European automotive business.
"Our Millstreet facility is the most suited for this undertaking because of its track record of success and consistent growth since its establishment in 1988. The dedication and commitment of the employees has brought the Cork operation to the highest of international standards."
Alps' global operations had sales of €4.8 billion in the year to March 2005 and annual net profits of €121 million.
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