The European Commission has endorsed the public funding of the Abbott project. The authority said that the aid does not threaten to distort competition and is compatible with European Treaty rules.
The project, which will be spread over three years from 2005 to 2007, has an overall budget of $48 million. Abbott will use the money to establish a dedicated R&D facility to carry out development work on products that treat coronary vascular disease and periphery vascular functions in Galloway, Ireland.
This is the first R&D program that Abbott has undertaken in Ireland. The company predicts the facility will create 50 high level positions by 2007, with the potential to grow to 80 by 2009.
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”.