Jobs boost for Tuam as Valeo announces €44m investment

Pictured at the announcement are left to right, Valeo comfort and driving assistance systems business group president Mark Vrecko, Galway East TD and Minister of State for Rural and Community Development Seán Canney, IDA Ireland chief executive officer Martin Shanahan, and general manager Valeo Tuam Fergus Moyles.

Pictured at the announcement are left to right, Valeo comfort and driving assistance systems business group president Mark Vrecko, Galway East TD and Minister of State for Rural and Community Development Seán Canney, IDA Ireland chief executive officer Martin Shanahan, and general manager Valeo Tuam Fergus Moyles.

Tuam received a major jobs and investment boost last evening when it was announced that autotech giant Valeo is to spend €44m in a research and development programme to place them at the cutting edge of developments in the self-driving cars market.

This investment will lead to the creation of 50 new R&D roles over the next three years, which will see its Irish R&D centre grow to over 500 people and become one of the largest R&D facilities in Ireland.

The project is supported by the Government through IDA Ireland. Speaking about the investment Marc Vrecko, Valeo Comfort and Driving Assistance Systems Business Group President, said the facility in Tuam is one of the leading research centres in the Group.

“With the support of IDA Ireland, Valeo continues to have a sustained and rewarding investment in Ireland. We are very excited about the announcement today to further expand our footprint here to build on the proven innovation in product and process R&D. The investment will help fuel the global growth of the Vision Product Line and extend Valeo as global leader for ADAS systems and related MaaS products.”

Minister of State for Rural Affairs and Natural Resources, Sean Canney, welcomed the announcement.

“Valeo is a substantial and valued employer in Tuam and indeed Galway and the West region and this announcement that VVS is to make a major investment in an RD&I programme is great news, demonstrating significant commitment by the company to the Tuam site as it positions itself at the leading edge of the development of autonomous vehicles.

“It also shows that global companies of the calibre of Valeo can find, in regional locations, the skilled workers they require, the necessary infrastructure and services and pro-business environment, to establish and grow their operations. I wish Vice President Fergus Moyles and his team continued success here.”

IDA Ireland CEO Martin Shanahan said this was an exciting project, focused on new emerging and disruptive advances in Autonomous Vehicles.

“As a technology leader in autonomous technologies, with a global remit, Valeo is helping in the development of a cluster in Ireland around AV. This project will add significant value to the company’s operations in Tuam and will benefit Tuam, Galway and the West region substantially.”

MInister Ciaran Cannon also welcomed the announcement, saying that it was a major vote of confidence in Tuam’s potential by a global giant which one can readily appreciate from the fact that Valeo has 186 plants, 21 research centres, 38 development centres and almost 114,000 employees in 33 countries across the globe.

“This announcement more than justifies the Government’s recent allocation of €175,000 to prepare a regeneration strategy and master plan for Tuam and will also ensure that the resulting plan is quickly followed up by further investment in the town and district’.

Advertisement

 

Page generated in 0.0586 seconds.