IRELAND savoured a 500 job boost as a leading Swiss-based security firm confirmed a multi-million Euro investment.
Tyco is to create 500 new jobs in Cork just six years after the firm shed 320 staff after closing its manufacturing division and transferring operations to a low labour cost country.
The closure of the firm's Bishopstown operation was one of the biggest single industrial job losses of the opening year of Ireland's recession.
However, Tyco are now to create 500 new jobs as part of a fresh electronics investment in Bishopstown.
It is understood the jobs will be in a business services centre.
The Government and the IDA have hailed the firm's decision to re-establish an Irish operation.
Enterprise Minister Richard Bruton said the investment represents a major morale boost for Irish industry - and he said it has been a hugely positive economic start to the year.
The announcement came just 72 hours after over 300 other new jobs were confirmed for Cork.
US pharmaceutical firm, BioMarin, is recruiting 100 staff as part of their roll-out of a new Cork plant which will make drugs for the treatment of rare diseases.
The BioMarin plant, developed in a Ringaskiddy, Co Cork facility earmarked for shutdown by Pfizer in 2009, already has 50 positions filled with a further 50 recruits to be in place by 2015.
The investment has also created 65 construction jobs.
A further 200 jobs will be created by a new €30m Irish Photonic Integration Centre (IPIC) which is being created within the Tyndall Institute in Cork.
The complex was described by former Tanaiste Mary Harney as Ireland’s “truly world-class R&D centre.”
The IPIC centre aims to help create 200 jobs within the photonic or light-energy sector by 2020.
The sector globally is estimated to be worth €58bn.
Tyco have a long association with Ireland.
In the 1980s its predecessor firm, Sensormatic, employed almost 500 staff at the Bishopstown facility.
The US firm is one of the world's leading manufacturers of specialist electronic devices for the security and industrial sectors.
Cork Chamber of Commerce and Cork Business Association have hailed the new jobs as a major boost for the local and regional economy.