A massive £60m investment was today announced by US technology firm Seagate, with almost 100 jobs to be created at its Derry base and Queen’s University in Belfast.
Enterprise Minister Arlene Foster made the announcement this morning at Seagate’s regional headquarters at Springtown in Derry, where 85 jobs are to be created.
The new investment from the company is to be channelled through two research and development projects, with Invest Northern Ireland offering £12.7m towards the total funding.
A further 10 related research posts are to be created at the Physics Department at Queen’s.
The announcement comes just 16 months after Seagate closed the gates on its Limavady plant, with the loss of almost 1000 jobs. Seagate was also singled out as being the single biggest recipient of Invest NI funding in the recent Independent Review of Economic Policy, getting at least £19m between 2002 and 2008.
Mrs Foster said the new investment and jobs could “easily have gone elsewhere within the Seagate corporation” but for the strong case made by local management and support offered by Invest NI.
“In making these investments in the North West, Seagate is once again demonstrating its confidence in our local workforce and suppliers and is helping send a very strong signal to other potential international investors that the North West is a competitive and compelling location” she said.
Mrs Foster was joined in Derry by Seagate Technology’s chairman Steve Luczo and chief technology officer Bob Whitmore.
She added: “Encouraging innovation and boosting business research and development are hugely important to our economic future and will be key drivers in helping us deliver the productivity goal contained in the Programme for Government.
“Securing highly credible investors and developing value added supply chain opportunities through collaborative research was one of the key recommendations I brought to the Assembly on Monday in taking forward the findings of the Independent Review of Economic Policy.”