Drugs firm owned by McCoy's in-law creates 350 jobs
A pharmaceutical company in Co Galway owned by the wife and father-in-law of former champion jockey Sir Tony McCoy has added 350 jobs to its 500-strong workforce.
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The roles at the Irish-owned company, which manufactures pharmaceutical products at its base in Loughrea, will be created over the next five years, and form part of an €86m investment.
This investment, financed by company funds, is being split on both capital expenditure of €40m and R&D spend of €46m.
Michael Burke, owner and managing director of Chanelle - and father of Sir Tony's wife Chanelle - said: "Since 2016 we have invested over €55m and created 175 new jobs in our global headquarters in Loughrea.
"Over the next five years we will increase the pace of our investment programme."
Julie Sinnamon, chief executive of economic development agency, Enterprise Ireland, said the investment is its biggest announcement for this year.
"We have a really close relationship with the group from when it started with two people in 1985," Ms Sinnamon said.
"Enterprise Ireland helps the company through both our overseas network, as well as supporting the company with its big R&D spend."
"Today the group is spending €6m a year on R&D."
The jobs were announced as the group opened a new €10m manufacturing plant at its Loughrea base.
The new 30,000 sq ft facility is Europe's first dedicated Spot On manufacturing plant built to European and US quality standards.
Spot On is a topical treatment used globally to protect dogs and cats against harmful parasites. Chanelle also announced details of the next phase of its capital investment programme, which will see construction commence in 2019 on a 25,000 sq ft manufacturing facility for medicinal products for the US market.
Founded in 1985, Chanelle holds over 1900 product licences for human health products worldwide.
It has over 2,000 animal health licenses registered in the EU - the largest number of registered veterinary licenses of any company in the EU, with 500 licences outside the EU.
Lady Chanelle McCoy is director of medical business at the group, which is the largest Irish-owned manufacturer of generic pharmaceutical products in Ireland.
Last year, the company reported sales of €111m, a figure it expects to increase to €130m in 2018.
Commenting on the announcement, Fianna Fail councillor Shane Donnellan described it as "massive news" for the local area.
"The additional jobs will bring more people to the area and help to keep retail outlets alive, which are now coming under pressure from online shopping," Cllr Donnellan said.