Altera, Services, Centre, Cork, Shared
Semiconductor firm Altera has opened its services centre in Cork
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Altera manufactures programmable logic devices (PLDs), for use in DVD players, digital TVs and video recorders, routers, mobile base stations and computer servers.
The shared services operation will be responsible for management of Altera's European distributors, product pricing, contract negotiations and financial shared services. Altera's European headquarters will remain in the UK."I congratulate Altera on the rapid start-up of this centre, which was announced in early August," said Minister Michael Ahern TD, Irish minister for trade and commerce in a statement. "This operation is precisely the kind of investment that the government and IDA Ireland are seeking to attract here to further enhance our position as a knowledge economy."
The IDA-supported company, which is located in the Cork Airport Business Park, is projected to employ 60 people within five years.
Altera, which employs 2,000 people worldwide, had revenues of USD827 million to the end of December, 2003, had net income of USD155 million. Around 25 percent of Altera's business comes from the European market and this figure has increased by 50 percent over the past year.
According to a recent European survey carried out by Ernst & Young, inward foreign direct investment (FDI) increased by 50 percent in Ireland for the six-month period to the end of June. There was a general increase of 27 percent across Europe, with exceptionally strong growth in a number of Eastern European states. Of the 42 projects announced in Ireland during the period, 73 percent were expansions by existing foreign companies based in Ireland, and the remaining 27 percent were new green-field sites.
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