Global soft drinks and snack food manufacturer PepsiCo has announced plans to build a €10 million research and development facility in Cork and transfer one of its operational headquarters to the city.
The decision, which will create 50 jobs, has been hailed as a major vote of confidence in the Irish economy.
Minister for Enterprise, Trade and Employment, Micheál Martin said the decision by PepsiCo to set up its next generation product R&D facility at PepsiCo Ireland in Cork was a recognition of Ireland's ability to carry out world-class research.
PepsiCo's plans were in line with the Government's strategy of encouraging the growth of R&D in Ireland and the company's Irish management and staff are to be congratulated on their hard work and commitment in achieving this excellent investment opportunity, he said.
The new R&D centre will employ 25 people with degrees in food science, chemistry and engineering working in two new purpose-built laboratories and a pilot plant at the company's site at Little Island outside Cork city.
The R&D facility, which is expected to begin operations next year, will develop new functional beverages including around 50 per cent of new products which meet "good for you" criteria under the company's "health and wellness" policy.
The arrival of the headquarters of PepsiCo's worldwide concentrate division will generate a further 25 new jobs and is being established to create significant operational benefits and synergies for the company.
It will be located either at PepsiCo's Little Island or Carrigaline facilities.
Mike Engler, PepsiCo vice-president of concentrate operations for the Caribbean, Europe and Asia, said PepsiCo's decision to invest in both the R&D facility and the worldwide concentrate headquarters was an indication of the company's commitment to its Irish operations. "The quality and commitment of our workforce here in Ireland were key factors behind this significant investment," said Mr Engler, adding that since 2002, PepsiCo has invested well over €100 million at its two plants at Little Island and Carrigaline, creating 200 new jobs.
"Our decision to locate these two new centres of excellence in Cork, which will lead to the creation of 50 new positions, was due to the excellent business experience PepsiCo has had in Ireland since the establishment of our Little Island facility in 1974," said Mr Engler.
Meanwhile, Mr Martin said that the PepsiCo R&D move to Cork would be tremendously beneficial to both University College Cork and Moorepark Research Centre in Fermoy, which will work closely with the company on research projects.
PepsiCo, whose products include Pepsi, 7-Up, Tropicana, Walkers Crisps, Doritos snacks and Quaker Oats, currently employs 350 people between its two plants in Cork. Cork Chamber president Roger Flack congratulated PepsiCo for what he called "a highly significant development in the advancement of the Cork region as a top quality location for R&D and headquarter activities".
"This announcement by PepsiCo, following on from the recent announcement by Glaxosmithkline, signals the growing reputation of Cork's third-level institutions as well as the capability of Irish-based management and staff," said Mr Flack.
