A multinational fire protection and security company is to establish a business services centre in Cork where it expects to create more than 500 jobs.
Tyco hopes to hire the new employees over the next three years.
The company closed two manufacturing facilities in Shannon and Cork in 2007 and 2008 with the loss of almost 500 jobs citing a loss of competitiveness.
It moved that manufacturing work to low-cost economies with whom Ireland stood little chance of competing.
The Department of Enterprise and the IDA has pursued Tyco in areas where Ireland does hold a competitive advantage: high-end jobs with a skilled and available workforce.
Minister for Jobs, Enterprise and Innovation Richard Bruton said Tyco’s announcement is a major boost for the city and for Ireland.
He said Foreign Direct Investment is a key part of the Government’s Action Plan for Jobs and over 13,000 jobs have been added in multinational companies in Ireland over the past two years.
Tyco Business System’s Vice President Phil McVey said Ireland was chosen because of its knowledge base as well as the “availability of a strong technical workforce”.
The company hopes to fill the jobs over the next three years, supporting its operations at over 1,000 locations across the globe.
Recruitment will begin immediately.