Grant helps firm’s expansion
A multinational company’s £9.2 million investment in research and development will give a much-needed boost to the Northern Ireland economy.
Randox Laboratories, based in Crumlin, Co Antrim, develops chemical diagnostic tests and devices for hospitals, clinics and veterinary labs.
Thanks to a £3 million Invest Northern Ireland (Invest NI) grant, the company intends to expand its R&D in order to keep existing clients and attract new ones.
Said Enterprise Minister Arlene Foster: "Randox is positioning itself well to withstand the challenges of the recession and continue to add significant value to the economy." According to founder and Managing Director Dr Peter Fitzgerald, more than one third of the company`s workforce is engaged in key R&D activities.
He commented: "This helps us continuously refine and add to our range of diagnostic tools and, crucially, enables us to retain our existing clients and attract new ones”.
"Asia, in particular the Far East, currently represents our fastest-growing market, and we are keen to fully exploit the potential that the area presents. With the support of Invest NI, this investment will enable us to compete, and succeed, there in the medium to long term whilst also maintaining our strong position in Europe and the US,” stated Fitzgerald.
The company employs 500 people in Northern Ireland and 190 in a global sales and distribution network in 100 countries.
Ms Foster added: "Randox has an international reputation for excellence that has enabled it to generate revenues in excess of £50 million a year.
"By recognising the long-term commercial value of innovation, Randox is positioning itself well to withstand the challenges of the recession and continue to add significant value to the economy. Randox is a true example of how innovation can sustain business success and deliver high quality employment opportunities."
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