Chanelle Group, Ireland’s largest indigenous pharmaceuticals manufacturer, is to invest €75m in expansion at its headquarters plant in Loughrea, Co Galway, and will double its current production capacity.

The investment programme will stretch over five years and create 175 new jobs, as well as seeing 75 new products launched worldwide.

Taoiseach Enda Kenny, who was on hand for the jobs announcement, said: “[This] is a vote of confidence in Ireland as a world class manufacturing location and as a leading centre for research and development in both human and veterinary pharmaceuticals."

CEO Michael Burke (pictured) who founded the company in 1985 with two staff, said that the investment programme will double production capacity at Chanelle's Loughrea facility to ensure it can meet the global demand for the firm's pharmaceuticals and the new products in development.

Revenue Doubled

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Burke added that Chanelle will expand into new markets, including the US and Central and South America. He expects revenues to increase by 65% in the next five years, having seen the company double its revenues over the past five years.

With over 50% of existing employees holding a third-level qualification, the jobs created will be high-end. Building the extra 30,000 sq ft manufacturing plant will begin next month and employ 45 people during the works.

Chanelle Group has over 1,700 animal health licences registered in the EU and 500 licences outside EU, holds over 800 product licences for human health products worldwide, and exports to over 80 countries with key markets in EU, Australia, New Zealand, Japan, South Africa and the Middle East.

The group supplies 10 of the top 12 multinationals in the world with both human and veterinary products, all growth has been organic and the company has expanded its business every year since 1985.

Chanelle's main trading company is unlimited and doesn't disclose financials. The taxpayer through Enterprise Ireland is part-funding Chanelle's latest expansion programme. The company received payments of €650,000 from Enterprise Ireland in 2011 and 2012.