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A US ELECTRONICS firm which axed 320 Irish jobs six years ago was hailed for its "Phoenix-like" recovery with 500 new jobs to be created in a multi-million euro investment.

Tyco's Cork investment is the fourth biggest IDA backed jobs project in the past 18 months with the 1,400 job eBay/PayPal venture last year still the largest.

"Ireland is a comeback economy and this is a comeback company. It is truly fantastic to see a firm like Tyco bring its Irish operation Phoenix-like back from the ashes," Enterprise Minister Richard Bruton said.

The US firm, which specialises in fire, safety and security systems, is to create 500 jobs by 2016/17 at a hi-tech global business services centre.

"You never know what the future can hold and the IDA and Tyco deserve enormous credit here," Tyco's Irish director, Donal Sullivan.

He said it was a very different feeling from having to announce the 320 jobs losses back in 2008.