Three companies are to create up to 420 new jobs in Waterford. The announcement was welcomed last night by Waterford Chamber of Commerce, which said the projects - two of which are in the financial services sector - would provide opportunities for local graduates. The chamber said it had been lobbying Government for some time to ensure that Waterford received more inward investment. It said Waterford was the fastest growing provincial city in Ireland.
Chamber chief executive, Mr Frank O'Donoghue said a survey carried out last year found that of 700 graduates questioned, less than 10 per cent had found work in the area. The new projects would help redress the situation.
Waterford Institute of Technology (WIT) registrar, Mr Paddy Downey also welcomed the jobs announcements. He said WIT was producing almost 300 certificate and diploma graduates in computing and electronics each year, and a further 200 students at degree level.
"Clearly a number would stay in Waterford and the south-east area if the jobs were there," he said.
He added that the projects would also encourage other companies to look at setting up in Waterford.
The largest single project is that of Sun Life Assurance, which is setting up a software development centre and will create 205 jobs. Sun Life, which is based in Canada, is a diversified financial services organisation with assets of more than £91 billion under management.
It has leased a 9,000 sq ft building with an option on an adjoining 10,500 sq ft premises at the Waterford Industrial Park. It will provide services on a long-term and project basis to multiple business units for Sun Life's national offices. AOL Bertelsmann - the German media giant together with America OnLine which provides online services - is to create 150 teleservices jobs in a new call centre. AOL Bertelsmann set up its first Irish call centre in 1996 and currently employs 400 people in Dublin, providing technical and customer support to users of America OnLine Internet services in Britain, France and Germany.
AlliedSignal, an advance technology and manufacturing company which supplies aerospace and automotive products, is to create 65 jobs. It is expanding its software centre which was established originally to provide mainframe programming services for its aerospace businesses. However, it has since expanded its customer base to include AlliedSignal's other interests.
AlliedSignal has three business units in Waterford. AlliedSignal Turbochargers was set up in 1979 and now employs 368 people; AlliedSignal Aircraft Engines, set up in 1986, now employs 117 people; and AlliedSignal Ireland Software, which was established in 1987, now employs 35 people.
Announcing the projects in Waterford, the Minister for Enterprise, Trade and Employment, Ms Harney said one of the key elements in winning foreign investment was the availability of advance buildings. "It is significant that both of the new projects - AOL Bertelsmann and Sun Life - are moving into existing buildings in Waterford, enabling them to achieve a speedy start-up," she said.
