Brussels, 5th April 2006
The European Commission has endorsed, under the EC Treaty’s rules on state aid, €13 million of public funding for a research and development project by Abbott Vascular Devices Ireland at its facility in Galway. The project aims at establishing a global endovascular and coronary R&D centre. As all the requirements of the Community framework for state aid for research and development are met, the Commission considers that the aid does not threaten to distort competition and is compatible with the EC Treaty (Article 87).
EU Competition Commissioner Neelie Kroes said: “I am pleased to endorse aid which promotes innovation and helps to create jobs, especially if it also supports the Commission’s regional development policy”.
The project, which will be spread over three years (2005-2007), has a budget of €39 million and aims at establishing in Galway a dedicated R&D facility to carry out development work on products that treat coronary vascular disease and periphery vascular functions.
The public support from the Industrial Development Agency Ireland is intended to reduce the risk linked to this type of work and to assist the development of Abbott Vascular Devices in the Border Midlands and West region.
This is the first R&D programme that Abbott has undertaken in Ireland. It will create 50 high level positions by 2007, with the potential to grow to 80 by 2009.
More information on the case will be available at: http:///europa.eu.int/comm/competition/state_aid/register...