A Russian technology company is to create 50 new jobs in Limerick after setting up its first Irish facility in the midwest.
NT-MDT (NanoTechnology - Modular Devices and Tools) has set up an Irish subsidiary at the National Technological Park in Plassy, close to the University of Limerick.
The company is expected to begin recruiting in July and expects to employ more than 50 people over the next five years.
Speaking at the official opening yesterday, NT-MDT president Victor A Bykov said the parent company in Moscow had been receiving a growing demand for its products from companies outside Russia.
"To enable us to meet this increasing non-Russian demand we decided to set up a new company outside of Russia to cater exclusively for this new and growing market. We also plan to source many subcomponents in Ireland for our products," he said.
The Irish operation will initially involve assembly, testing and after-sales service. The directors have already identified a number of Irish companies to supply many of their required subcomponents and it is also their intention to run a number of research projects with Irish universities, said Mr Bykov.
The parent company employs 108 people, many of them graduates from the Moscow Institute of Physics and Technology and Moscow Institute of Electronic Technology. NT-MDT is also involved in several research projects with a number of Russian universities and employs scientists on a single project basis.
Limerick County Council chairman Eddie Wade opened the new facility in Limerick yesterday and commended the company for setting up an Irish subsidiary without any grant aid.
"The company are setting themselves up without any grant aid support. This is to be commended and I understand preliminary discussions between the IDA and the company have taken place towards exploring potential R&D support in the future," Mr Wade said.
"The location of this high-level nanotechnology company close to the University of Limerick presents the ideal opportunity for R&D synergy between both parties. I welcome the company's arrival and wish them every success," he said.