| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

Home 
 
 News
 Irish
 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 International
 Property
 Innovation
 
 Analysis/Comment
 
 Asia Economy

RSS FEED


How to use our RSS feed

 
Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.

Welcome

Finfacts is Ireland's leading business information site and you are in its business news section.

We provide access to live business television and business related videos from: Bloomberg TV; The Wall Street Journal; CNBC and the Financial Times. Click image:

Links

Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax 2008

Climate Change Reports

Global News

Bloomberg News

CNN Money

Cnet Tech News

Newspapers

Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News

 

Feedback

 

Content Management by interactivetools.com.

News : Irish Last Updated: Apr 24, 2009 - 5:31:05 PM


IBEC says re-energising trade with the US is a key component in Ireland's economic recovery
By Finfacts Team
Dec 10, 2008 - 12:03:16 PM

Email this article
 Printer friendly page

President George W. Bush and President-elect Barack Obama meet in the Oval Office of the White House Monday, Nov. 10, 2008.

IBEC Director General Turlough O'Sullivan today said that re-energising trade with the US is a key component in Ireland's economic recovery. "We are entering a new era of transatlantic relations with a new US administration, against a backdrop of global economic downturn. Now is the time to build our business networks in order to strengthen our long-term unique relationship with the US."

O'Sullivan was speaking at a joint Enterprise Ireland/IBEC conference in Dublin today to highlight business opportunities in the US and inform Irish companies on the economic outlook for the US market in 2009.

Frank Ryan, CEO of Enterprise Ireland added, "The USA is our second biggest export market and growing. Figures show indigenous exports to the US grew by 16% last year. Going into 2009 it remains, not just a critical market, but one that continues to offer enormous potential.

"Large Irish companies such as CRH, and Glanbia continue to grow and expand through acquisitions and strong sales. Newer entrants such as Creganna, NewBay, Multis and Vigitrust are demonstrating that opportunities exist and that significant sales can be secured with a focused strategy."


O'Sullivan said, "The spread of this Irish investment across a range of business sectors, including cheese and nutritional ingredients, medical devices, software and clean technology, is extremely impressive, and an achievement of which we can be proud."

The US is Ireland's most important single trading partner. Over 200 Irish companies employ more than 82,000* people at over 1,300 locations across all 50 states. In 2008 alone, Irish companies opened 25 new offices in the USA. Ireland is now the 10th largest investor in the USA investing over $33 billion last year.

*See detail on CRH below

Adrian Jones, Managing Director of Goldman Sachs in New York said the US market was and always will be a brutally competitive environment, but for those who get their business strategy right it offers extraordinary opportunities for company transformation.

Below: Summary of conference presentations on the experience of Irish companies in the US market.

John Moloney (Managing Director) outlined that Glanbia has eight processing sites, employs 1,427 people, is the number 1 supplier of American style cheddar, and is a leading supplier nutritional ingredients in the USA. He said that the USA is key to Glanbia's growth strategy (focused on organic investments, sound acquisitions and joint ventures) and experience had shown that strong partnerships, good people and processes are critical to success in the US.

Helen Ryan, CEO of the medical devices company Creganna also emphasised the importance of partnership, taking local advice and choosing the right location for your investment. In 2007 Creganna opened its first international manufacturing facility Massachusetts in the USA and earlier this year opened an office in the Silicon Valley hub of Mountain View to serve its local customers.

Cyril McGuire, CEO of Trintech, the leading provider of integrated financial governance and transaction risk management software, said its listing on the Nasdaq since 1999 and establishing operations in Dallas, Chicago and San Jose were key milestones for Trintech's business development. He said that in looking at acquisitions it is important for companies to consider how to align their own company culture with that of the acquisition and that an effective post acquisition integration plan.

Dr Rosheen McGuckian, Group Corporate Development Director, NTR said that Cleantech was building substantial capacity in the US in renewable energy and sustainable waste management.

Is CRH an Irish Company?
CRH, which is Ireland's only significant transnational company, is the largest building materials supplier in the United States and among the biggest in the world (CRH at a glance).

CRH has 48,000 employees in North America from its total of 92,000 while about 2,000 are employed in Ireland.

CRH accounts for over 30% of  the market capitalisation of the Irish Stock Exchange  and in December 2007, 84% of its shares were held outside Ireland.

Ireland is more dependent on US investment than any other developed economy

Value added of US firms overseas as % of GDP highest in Ireland; US Employment of its Multinationals was 70% of total in 2006 down from 80% in 1988

Irish Economy: US will remain very important to Ireland's economic progress but a new approach is badly needed

Foreign-owned firms were responsible for 90.2% of Irish exports in 2006 - including both merchandise goods and internationally traded services

Global Economy: US savings rate rises from close to zero in 2007 as housing wealth falls - bad news for Emerging Economies

Perfect US consumer storm until mid-2009 - long period of convalescence to follow

Conference Briefing:

INDIGENOUS IRISH INDUSTRY: Did you know…… 

Irish companies speaking at the conference ….. 

  • Glanbia’s acquisition ‘Optimum Nutrition Inc’ is a leading manufacturer of supplements for the sports nutrition sector, with some of most trusted brands in the US. It has three operating facilities in Illinois, South Carolina and Florida employing 387 people. In 2007 Optimum generated US$185 million revenue (€125m) and US$32 million (€22m) in operating profit.
  • Creganna opened an office in the Silicon Valley hub of Mountain View, California in 2008, to provide a local base for existing and new customers. A series of technical conferences will be run at the Silicon Valley office to feature the latest developments in medical technologies at Creganna. In 2007 the company opened its first international manufacturing facility in Marlborough, Massachusetts.
  • NTR Cleantech have just completed a $100 million investment in a solar energy company in the US, Stirling Energy Systems. Bio Verda is another NTR subsidiary  active in the US market.
  • Chrysler Financial has selected Trintech’s AssureNET GL to automate the review, approval and status tracking of account reconciliation, and manage the accounting close process. Chrysler Financial, with headquarters in Farmington Hills, Mich., serves as the centre of activity for operations in the US, Canada, Mexico, and Venezuela. 
  • T-mobile’s blogging software is powered by Newbay; in addition to T-Mobile's My Album and MyFaves in recent months, NewBay Software has continued to expand in North America, and in September 2008 announced it had won a new contract to provide U.S. Cellular with its Online Album service.

Some other interesting Irish companies ……

  • Both MasterCard and Discover card use Orbiscom’s technology to ensure secure credit card payments.
  • When you travel to JFK airport, as you pass through immigration a camera photographs your eye.  The Biometric software that enables that system is supplied by Daon.
  • The signage of the New York Subway System is powered by Data Display.
  • The famous Irish Famine memorial in Battery Park in Manhattan is constructed from Natural Blue Limestone from Irish Natural Stone Products.
  • Some of the software programming that supports the international space station located in outer space is provided by Skytek.
  • AMT has completed a deal with Boeing and is in discussion with US airlines on the use of Flightman for existing aircraft.
  • Arantech are enabling US mobile phone operators to manage and improve the quality of user experience for all mobile subscribers in real-time and for all voice and data services.  Their software supports over 50 million subscribers in North America.
  • An Irish company, OGT, supplies golf course fertilizer, derived from seaweed from the NW coast of Ireland, to some of the top US golf courses including Pebble Beach, Cypress Point, Spanish Bay and Pinehurst.
  • In emergency/natural disaster situations, Altobridge provides the solution to quickly and reliably re-establish communications between first responder, government agencies and rescue teams.
  • Swan Net Gundry supply fishing nets to the US East coast and US Alaska fleet, and are particularly famous for dolphin proof fishing nets.
  • When you turn on the Air Con in a new BMW or Honda, assembled in South Carolina, the cool air blowing your way travels through an air duct manufactured by Mergon.
  • Lincor Solutions provide bedside digital information and entertainment systems to U.S. patients, which helps to reduce medical errors while improving the patient’s access to online information and entertainment.
  • Nualight is working with Fortunoff in New York to install lighting in their 5th Avenue flagship store.
  • Curam Software provides the City of NY with the capability to run and manage data from 30 cities, states and federal programs.

Related Articles
Related Articles


© Copyright 2009 by Finfacts.com

Top of Page

Irish
Latest Headlines
Ryanair revises up full-year profit guidance
AIB bank profitable in third quarter
Ryanair announces half-year profits up 32% to €795m
Ryanair benefits from improved customer service
Ryanair to buy 100 new Boeing 737 MAX 200
Finfacts server migration Thursday
State-owned Allied Irish Banks reports H1 2014 profit as bad loan charges plunge
Ryanair reports profit in its financial first quarter soared 152%
UK firm opens van dealership in Dublin
Ryanair reports 8% fall in full-year profit; US services to commence in 2019
Global Financial Centres Index: New York overtakes London; Dublin slips to 66 of 83 cities
Bank of Ireland reports “significant” improvement in 2013 results
Sale process of IBRC UK projects Rock and Salt completed
CRH says 2014 will be year of profit growth after reporting 2013 loss
Ryanair reports third-quarter loss
Irish Water says it saved €100m in setup costs
RSA Insurance fires two Irish executives for large loss/ accounting irregularities
Bank of Ireland will have to raise provisions by €1.4bn; AIB says it's "well capitalised"
CRH reports slightly improved third quarter
Central Bank says ownership of Newbridge Credit Union transferred to permanent tsb
Ryanair reports H1 profits rose by 1% to €602m
Dublin Web Summit: Irish Stock Exchange and NASDAQ OMX announce dual listing plan
Irish pension managed funds returned to growth during September
Dan O’Brien resigns as economics editor of The Irish Times
Central Bank says no action required on Anglo tapes revelations
Ryanair flew 9m passengers and Aer Lingus carried 1.1m in August
UK Competition Commission says Ryanair must cut Aer Lingus stake to 5%
CRH reports H1 2013 revenue dip and loss
Vodafone refunded UK after discovery of Irish tax haven deal
RBS reports half year profit; Ulster Bank posts reduced loss
Bank of Ireland cuts pretax losses in HI 2013 to €504m
Irish State-owned Allied Irish Banks reports losses of €758m in H1 2013
Service Announcement
Irish managed pension funds declined in June
VHI reports 2012 surplus of €54.3m; Health insurance made loss
Ex- Elan director says management / board "not competent to run a business"
Aer Lingus to put €140m in employees pensions fund; Ryanair apoplectic
Wednesday Newspaper Review - Irish Business News and International Stories - - May 22, 2013
Tuesday Newspaper Review - Irish Business News and International Stories - - May 21, 2013
Ryanair, Europe’s biggest low cost carrier, announced Monday record annual profits of €569m - - up 13%