The expansion includes a €25m capital investment and a relocation of an additional €20m of assets over two years at the Shannon site.
The company said today that the upgraded facility, once completed in 2015, will offer improved production capability, supplying a wide range of advanced industrial synthetic diamond abrasive materials for customers across the globe.
“The tremendous investment announced today by long-standing Shannon employer Element Six is a real indication of the company’s commitment to Shannon,” said Shannon Chamber chief executive Helen Downes.
Ms. Downes added: “This investment not only reflects the confidence a company like Element Six has in this region; it also demonstrates that manufacturing, which has long been a mainstay at Shannon, is still one of the sectors that contributes to Shannon’s growth. Shannon’s strength as an investment location lies in its ability to respond to and deliver on the needs of a diverse range of sectors and it is this diversity which sets it apart. Genworth Financial’s announcement last week and this latest announcement by Element Six bears testimony to this fact. Shannon Chamber commends both companies for increasing their investment at Shannon.”