Xilinx, a US technology firm that develops programmable semiconductor chips, will establish a regional office in Cork as part of a drive to recruit high-skilled staff in the regions.
The funding comes from its recent $41 million (€36.8 million) investment in the Republic, which was announced recently in Dublin by Xilinx chief executive Mr Wim Roelandts.
The Cork centre will employ approximately 25 staff and is strategically located close to University College Cork and the National Microelectronics Research Centre to take advantage of the skills pool.
Industry sources said the move was typical of Xilinx's strategy. The company has already partnered with Nortel Networks and Queens University to establish a programmable systems laboratory in Belfast.
In February, the company donated £1 million (€1.27 million) to NOVA, a new £10million innovation centre at University College Dublin.
Xilinx employs about 360 people at its advanced engineering, R&D and operations facility at Citywest in Dublin. Staff will increase by 500 over the next few years.
This week the Californian-based firm announced that 40 per cent of its global revenues for the financial year ended March 31st, some $663 million, came from the Republic.
Globally, Xilinx reported a 63 per cent increase in revenues to $1.66 billion for the company's financial year to March 31st, 2001. Operating income for the 2001 financial year increased by 54 per cent to $497.1 million. Net income increased by 51 per cent to $382.9 million from $254.4 million in the previous year.
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