Ireland's upswing could benefit W.Pa. companies
Ireland's growing economy could mean opportunities for U.S. companies, and the Pittsburgh Irish Business Network says it can help companies take advantage of lower corporate taxes, competitive wage costs and a smart, young workforce.
The Ireland Institute of Pittsburgh and the network hope to organize a delegation to go to next season's Penn State-Central Florida game on Aug. 30 in Dublin.
“We want to have an opportunity for Pittsburgh and Ireland companies to connect,” said James Lamb, the institute president.
Though some Pittsburgh-area companies have footholds in Ireland, no Irish companies have established a significant presence here, said Lamb and Phil Cynar of the Pittsburgh Regional Alliance, which markets the region to companies.
“We hope to change that, as a secondary goal,” Lamb said.
The Pittsburgh Irish Business Network and the Brehon Law Society on Wednesday held an event Downtown to attract members, with a presentation from the Industrial Development Authority of Ireland. Lamb said he hopes 150 dues-paying members will join.
Ireland's economy, once too weak for its companies to invest overseas, began to grow in 2000, benefiting from the 12.5 percent corporate tax rate — about 67 percent below the average American rate of 35 percent — its younger workforce and its status as an entry point to doing business in Europe.
The bottom fell out during the global recession that began in 2008, but Ireland again has become a desirable place to do business, Lamb said.
Irish companies, however, have not invested in Western Pennsylvania, he said, instead opening units in Florida, Washington and Eastern Pennsylvania.
Among Pittsburgh companies in Ireland: UPMC has cancer centers in Waterford and Dublin and a hospital in Dublin; Bank of New York Mellon has offices in Dublin and Cork; Federated Investors has mutual funds from offices in Dublin; Unity-based Kennametal Inc.'s Extrude Hone unit has a plant near Shannon; and PPG Industies' Transitions optical unit has a manufacturing plant in Taum.
Last year, Canonsburg-based Mylan Inc., said it will invest $100 million in Ireland over five years at research and development and manufacturing sites in Dublin and Galway. Mylan has about 700 workers in Ireland who make respiratory, injectable and oral solid products.
CEO Heather Bresch said Ireland “has proven to be a valuable location for Mylan, providing the company with access to a skilled and highly educated workforce.”
Skip Smith, chief operating officer of North Side-based Confluence Inc., a software provider to investment management companies, is expanding in the United Kingdom and Ireland.
“Dublin is a key servicing area for the European community,” Smith said. “We view Ireland, and Dublin specifically, as a financial gateway to the global fund industry.”
Confluence sees a $1 billion business opportunity worldwide, including $125 million in Ireland.
John D. Oravecz is a Trib Total Media staff writer
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Shell shovels millions into proposed Beaver County plant site
- Off-duty but on call: Suits seek overtime
- Extended oil slump takes toll
- Muni bond funds stressed
- When it comes to home ownership, Hispanics finding locked doors
- Companies hand out perks, benefits instead of pay raises
- Bond funds hold onto cash
- Tech Q&A: Why you should test your router
- Of Caitlyn Jenner and workplace restrooms
- $2-per-gallon gas expected by year’s end, but not in Western Pa.
- Small business hangs on fate of Export-Import Bank