Phoenix Peripherals Solutions is to establish a plant in Mallow, Co Cork, which will create 52 jobs over the next three year. It will produce a range of a value added keyboards from a 20,000 sq ft plant.

ICC Venture Capital is providing £1 million to fund the project, while Enterprise Ireland is supporting the project through a grants and equity package. Announcing the venture, the Tanaiste, Ms Harney, said 30 people will be employed over the next twelve months.

The new company has emerged from a management buyout by Mr John O'Sullivan, former president and chief executive officer of Alps Electrical Ireland, and three former Alps employees, "of a range of specialist products that are no longer core to the Alps Irish operation", said Ms Harney. The three are Mr Richard O'Reilly, sales director, Mr James Singleton, engineering and technical director, and Ms Maire Hussey, administration director and company secretary. The chairman will be Mr Gary Duffy, IDA board member and former managing director, Artesyn Technologies which is based in Youghal.

Mr Martin O'Brien, investment director, ICC Venture Capital, Cork, said the company has considerable potential. Mr Dan Flinter, chief executive, Enterprise Ireland, said: "Enterprise Ireland is committed to encouraging more high growth potential start-up companies, particularly technology based companies, competing internationally on world markets."