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AN ANALYSIS OF THE LEADING EXPORTERS
BY TURNOVER ON THE ISLAND OF IRELAND
This report is published by the Irish Exporters Association.
For further information and queries, you can contact us on:
Phone Number:

00353 (0)1 661 2182
Fax Number:
00353 (0)1 661 2315
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MB_StubbsEW 17/07/2014 14:38 Page 1 AN ANALYSIS OF THE LEADING EXPORTERS
BY TURNOVER ON THE ISLAND OF IRELAND
This report is published by the Irish Exporters Association.
For further information and queries, you can contact us on:
Phone Number:

00353 (0)1 661 2182
Fax Number:
00353 (0)1 661 2315
Website:
TABLE OF CONTENTS
Introduction: Simon McKeever, Chief Executive, Irish Exporters Association
Foreword: Aisling Dodgson, Head of Treasury, Investec
Methodology: James Treacy, Managing Director, StubbsGazette
Ireland as a location for FDI: Martin Shanahan, CEO, IDA Ireland
Indigenous export performance: Julie Sinnamon, CEO, Enterprise Ireland
Food and drink exports continuing to grow: Aidan Cotter, CEO, Bord Bia
SECTION ONE:
Top 250 listing
, James Treacy, Managing Director, StubbsGazette
Profiles of the Top 20 companies
SECTION TWO:
Analysis of food and drink sector:
Ian Hunter, Equity Analyst, Investec
SECTION THREE:
Analysis of life sciences sector
: Ian Hunter, Equity Analyst, Investec
SECTION FOUR:
Analysis of ICT sector:
Jonathan Simmons, Director, Investec Corporate Finance 50
SECTION FIVE:
Analysis of IFSC Sector:
Philip O'Sullivan: Chief Economist, Investec Ireland
The IFSC Top 50 companies
Profiles of the Top 10 IFSC companies
SECTION SIX:
Investec review
73
Currency and commodity risk: Alan Harrison, Investec Corporate Institutional
Treasury
Risk and low interest rates: Paul Callan, Investec Wealth & Investment
Corporate funding – the state of the market: David Gilligan, Investec
Specialised Finance SECTION SEVEN:
Northern Ireland exporters overview:
Dr Vicky Kell, Director of Trade,
Invest NI
Top 50 in NI
Profiles of top ten NI exporters
APPENDICES
Philip Ahearne, Corporate Treasury Solutions, Investec
94
Top 250 companies in alphabetical order
TOP 250 EXPORTERS 3
This report is published by the Irish Exporters Association.
For further information and queries, you can contact us on: Phone Number: 00353 (0)1 661 2182Fax Number: 00353 (0)1 661 2315 At the Irish Exporters Association we have a dedicated team looking after all our members. Send us your query, comment or suggestion and we will be happy to assist you: MEMBERSHIP SERVICES
VISA & LEGISLATION
Caoimhe Delany
Niamh Devlin
Membership Development Manager Visa & Legislation Email: [email protected] Email: [email protected] Tel: 00353 (0)1 662 9069 Tel: 00353 (0)1 642 4177 DISCLAIMER
The material and information contained in this publication is provided for general information purposes only and does not
constitute legal or other professional advice. While every care has been taken in the preparation of the material and
information in this publication, readers are advised to seek specific legal advice in relation to any decision or course of
action.

This publication is provided without any representations, warranties or undertakings of any kind, either express or implied, in relation to the information, material or content in this publication, or in any other publication or website referred to or otherwise in this publication. The Irish Exporters Association, or any connected parties, will not be liable for loss or damage arising out of or in connection with use of the materials, information or content in this publication, or information, materials, content, facilities, or services referred to or accessed through its publication. Copyright 2014 Irish Exporters Association All rights reserved. Except for the quotation of short passages for the purposes of criticism and review, no part of this publi-cation may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical photocopying, recording or otherwise without the permission of the Irish Exporters Association. 4 TOP 250 EXPORTERS
Welcome to the 2014 edition of the Top 250 Exporters publication. This essential guide to Ireland's top exporting companies identifies and reviews the leading exporters from Ireland, including an analysis of the Top 50 Northern Ireland Exporters and Top 50 IFSC companies. This publication is an important reference document for all exporters and a key resource for sub-suppliers and service providers within the exporting sector. All the key sectors of the export industry are reviewed, with input from private sector as well as the State promotional agencies.
The Irish Exporters Association (IEA) recognises the comprehensive analysis provided by Investec, sponsor of this publication. Similar to last year, we have included reviews for the following sectors: food and drink, life sciences, ICT, the IFSC, and Northern Ireland exporters. We are grateful to Martin Shanahan, CEO of IDA Ireland; Julie Sinnamon, CEO of Enterprise Ireland; Aidan Cotter, CEO of Bord Bia; and Dr Vicky Kell, Invest Northern Ireland, Director of Trade for their commentaries. In particular, Philip Ahearne, Corporate Treasury Solutions at Investec has been a major driver in producing this report along with his colleagues Aisling Dodgson, Head of Treasury; Paul Callan, Investec Wealth & Investment; David Gilligan, Investec Specialised Finance; Alan Harrison, Investec Corporate Institutional Treasury; Equity Analyst Ian Hunter; Jonathan Simmons, Director, Investec Corporate Finance; and Philip O'Sullivan, Chief Economist.
TOP 250 EXPORTERS 5
In response to the growing concerns of our members, Investec has provided a number of independent reviews on issues that are of vital importance to Ireland's export sector: corporate funding; risk and low interest rate; and currency and commodity risk. Access to finance and competitiveness are of considerable importance to the continued growth of the export sector and are key issues on the IEA policy agenda. Finally, I'd like to thank James Treacy, Managing Director, StubbsGazette for providing the primary data for this publication and our sponsor Investec for its valuable support and endorsement. We welcome any feedback and hope you find this publication a useful resource. Simon McKeever
Chief Executive, IEA
6 TOP 250 EXPORTERS
For the past four years Investec has supported the Top 250 Exporters report, an established and insightful ranking of Ireland's and Northern Ireland's exporting companies. The report provides an interesting insight into the Irish indigenous companies, regions and sectors that are performing strongly. Exporting is vital to the success of most Irish companies because Ireland has a relatively small domestic market compared to the UK, Europe and the wider world. Irish companies and their products have performed exceptionally overseas. Fortunately Ireland has a fantastic reputation for quality products and fair dealings and Irish companies are pushing at a pretty open door when it comes to foreign trade. The Irish Exporters Association and its involvement with Government have been instrumental in leading the way for Irish companies abroad. Investec has always supported entrepreneurs and their companies, many of which are exporters in all stages of their life cycle – from needing venture capital finance, treasury and banking services to engaging in corporate finance and capital markets activity. Our Wealth and Investment division supports entrepreneurs in their personal capacity.
TOP 250 EXPORTERS 7
As more and more Irish exporting companies expand abroad, they are seeking to work closely with specialist treasury partners who understand both their business and the challenges they face in actively managing their treasury requirements. Investec's treasury business has grown significantly in the past five years, providing specialist treasury solutions to some of the strongest performing sectors including food and drink, IT, chemicals and medical devices and aviation.
We have a unique specialist team in the Irish market offering services including foreign exchange, cash management, interest rate and commodity hedging and structuring. Clients are serviced by both a dedicated relationship manager and a trading manager who in turn are supported by an experienced back office support team. This support is vital in ensuring accuracy in both the execution and delivery of payments whilst our online support system enables clients confirm and track their trades accurately. Investec was delighted to be voted best banking provider by Irish exporting companies last year and we thank you all for your business and support and look forward to an exciting future together. Aisling Dodgson
Head of Treasury, Investec Ireland
8 TOP 250 EXPORTERS
MD of StubbsGazette James Treacy has compiled the data for the Top 250 exporting companies in the Republic of Ireland, Top 50 companies in Northern Ireland and Top 50 IFSC companies using the latest accounts filed. StubbsGazette compile the data for the Top 250 from numerous different sources including the primary source which is the audited accounts of each company. In many cases the turnover figure is 100% export sales but in others we verify export sales with the company itself and validate against their accounts and other sources such as the CSO. Some corporations have a number of operations in Ireland and file separate accounts for each one. In these cases we amalgamate all operations under one entry. (an example is Johnson & Johnson in Ireland which owns Janssen, Depuy and Vistakon).
StubbsGazette has been around since 1828. The 21st century StubbsGazette is a vastly expanded operation and a market leader in business information, credit referencing and debt collection in Ireland and chosen international markets.
It supports a range of clients, from local SMEs, financial institutions, county councils and major multinationals in the credit management cycle. Credit management is an ongoing process that requires constant attention and the integration of three critical interlocking activities – risk analysis, credit management and debt recovery, according to StubbsGazette. The company has invested heavily to place itself at the forefront of credit related software developments for an extensive client base that includes many household names.
For example, its S-CAS is an advanced software application that supports each stage of the credit management lifecycle, with monitoring and controlling of the full complete database of credit applicants, customers and bad debtors within a single system.
James Treacy
Managing Director, StubbsGazette, 5 Schoolhouse Lane, Dublin 2, tel: +353 1 672 5939,
email: [email protected], website: www.stubbsgazette.ie
TOP 250 EXPORTERS 9
FOREIGN DIRECT INVESTMENT
Overseas investment is stronger than ever Economic recovery is now picking up pace and confidence in Ireland is growing rapidly, particularly among external investors. While significant challenges remain, there is little doubt 2014 will be another year of strong economic progress. Our reputation took a big knock in the period from 2008 to 2010, but gradually that reputation has been repaired. At IDA, we constantly listen to the pulse of sentiment towards Ireland among leading companies and I am happy to report that major corporates are encouraged by Ireland's recovery, particularly since the country exited from the IMF-EU bailout.
The most impactful vote of confidence these companies can make is when they invest directly in Ireland. Investment for first half of 2014 has grown at its strongest pace yet with over 100 investments secured in the first six months of 2014, compared to 70 at the same time last year. Significant investments this year include Intel, Regeneron, Tyco, IBM, PayPal, Airbnb, Workday, Yelp, Alexion, Hewlett Packard, Biomarin, Johnson & Johnson, Survey Monkey, Ericsson, SmartBear, Hollister, SAP, HedgeServ, AdRoll and Zendesk. At the end of 2013 there were 161,112 people employed by IDA client companies, a new record for the foreign direct investment (FDI) sector in Ireland. Since late last year, IDA has also taken on responsibility for 55 companies in the Shannon region, bringing total employment at IDA client companies to 166,184 people. There were 13,376 gross jobs created in 2013 and in the past three years we have seen a total of more than 18,000 net new jobs created in multinational companies. Ireland continues to rank highly as an attractive location for FDI, described by Forbes as ‘the best country in the world to do business' and Site Selection magazine as ‘the best place to invest in Western Europe'. The IMD World Competitiveness Yearbook 2014 puts Ireland at No 15 in overall global competiveness rankings (moving up nine places in overall competitiveness over the past four years and first 10 TOP 250 EXPORTERS
FOREIGN DIRECT INVESTMENT
for the availability of skilled labour in the world). We need to ensure we continue this trend and remain a competitive location for FDI. Ireland's unique set of attributes for overseas investors – a young educated workforce, one of the best productivity performances in the EU, a strong export performance, a critical mass of companies and a competitive corporate tax rate are just some of the reasons why companies choose to invest in Ireland. Property is a huge focus for IDA and available property solutions are vital to continue growing Ireland's portfolio of companies. Demand for prime office space in Dublin in particular remains intense and IDA welcomes recent news that An Bord Pleanála has approved a planning scheme for the Dublin Docklands Strategic Development Zone, providing capacity for the city in future years. FDI is contributing to the recovery of the construction industry. In April this year, Intel celebrated its 25-year anniversary, investing US$5 billion to date – the largest ever private investment in the history of the Irish State. There are currently over 5,000 construction workers working on site. Other investments from the likes of Tyco, Hewlett Packard, Regeneron and Alexion, Jazz, Ethicon will generate significant construction activity at various sites throughout Ireland. IDA itself is providing property solutions in regional locations such as Waterford, Athlone and Letterkenny.
A new direct air route between Dublin and San Francisco is set to boost Ireland's profile and visibility as a business location in the Silicon Valley region. Around 40% of FDI from the US comes from the Silicon Valley area. Overall, the trading and export part of the economy is in good health. Some however will point to a so-called ‘twin track' economy, with the domestic economy yet to fully recover as the export and trading sector grows further. But economies don't work in isolation and ultimately the stronger the export sector performs the stronger the secondary impacts will be for the indigenous economy. For example IDA estimates that for every 10 jobs created by international investment, at least another seven are created in the domestic economy. Martin Shanahan
CEO, IDA Ireland
TOP 250 EXPORTERS 11
Growth in exports sustaining jobs Irish companies are really stepping up to the plate in the delivery of exports and job creation.
In 2013 Enterprise Ireland backed companies achieved their highest level ever of exports from Ireland, reaching €17.1 billion, an increase of 6.2% on what was the previously highest level ever achieved in 2012. This significant rise in exports, up from €15.2 billion just two years earlier is a tremendous achievement for indigenous Irish companies and a strong testament to their ability to compete and win market share against stiff international competition. The growth in exports from Ireland creates and sustains a huge number of direct and indirect jobs in our country. Over recent years we have seen an increased number of Irish companies become leaner and stronger than ever, through their continued commitment to investment in research and innovation, lean business processes, skills development and a continued sales and marketing drive into an increasing spread of markets.
Last year Enterprise Ireland backed clients created 18,033 new jobs, resulting in a net increase of 5,442 in the numbers of people they directly employ in Ireland. That was the highest gain for a decade and primarily driven by their strong performance in export markets. Enterprise Ireland backed companies now employ over 176,000 directly and sustain more than 300,000 jobs both directly and indirectly – this represents 16% of Ireland's total workforce. Ambitious plans for 2014
This year Irish exporters are well positioned and are continuing to further capitalise on their strong momentum in driving export and employment growth. They have demonstrated a tremendous ability to adapt, innovate and win sales against strong competition across international markets. 12 TOP 250 EXPORTERS
Our focus is to support these companies achieve increased global success, exports and associated job creation and we are strongly supported in this by Government, which has clearly put the provision of increased support for exporters at the heart of its 2014 Action Plan for Jobs. Against a very challenging background Enterprise Ireland clients have successfully grown export sales to record levels, and we confidently expect this upward trajectory to continue during 2014. Our network of 31 international offices around the globe is critical to supporting Irish companies extend their sales operations and success into new export markets. The Government recently approved the placement of 20 additional Enterprise Ireland staff in the high growth markets of China, United Arab Emirates, Qatar, South Africa, Nigeria, Turkey, Singapore, South Korea, Canada and Western Australia.
Enterprise Ireland has also during 2013 introduced a major new Market Access Grant Scheme to help companies enter new markets. This new scheme provides grant support of up to €150,000 to investigate and develop new markets with strong growth potential.
In 2013 the agency also intensified the programme of Ministerial-led international trade missions to help Irish companies establish and build their business networks and alliances. In addition, two further new overseas offices were opened in Istanbul, Turkey and Austin, Texas, in the US.
This year over 1,000 Enterprise Ireland client companies will take part in more than 118 international trade events, with 18 ministerial-led international trade missions also being undertaken to major export markets in North America, Europe, Asia Pacific, the Middle East, Africa and Latin America. The export performance of Irish companies in 2013 and in the first half of 2014 has been very strong and is forecasted to continue for the remainder of 2014 and into 2015. Julie Sinnamon
CEO, Enterprise Ireland
TOP 250 EXPORTERS 13
FOOD AND DRINK
A sector of continuing resilience and The resilience of the Irish food and drink industry has been highlighted clearly in recent years, when despite the global economic pressures, the value of exports delivered year on year growth in the past four years. In 2013, the value of exports was some 40% or €2.8 billion higher than 2009 levels. Total merchandise exports increased by less than 2% over the period.
The role played by the sector in the Irish economy is highlighted by the following key figures: n It accounts for 12.3% of total merchandise exportsn It represents 8.8% of total employment with 167,000 employed directlyn It is responsible for 25% of manufacturing industry turnover and 23% of gross output The value of our exports in 2013 approached €10 billion for the first time. The strongest performers were dairy, meat and livestock and prepared foods. A competitive market environment led to slower beverage exports, although whiskey continued to perform very strongly. This impressive performance continued in the first half of 2014 with exports showing a single digit increase as dairy, prepared foods and seafood offset slower meat and beverage exports. Favourable economic headwinds have undoubtedly underwritten this remarkably assured performance, the single most important being the buoyancy of key commodity prices, largely as a result of growing demand for high quality foodstuffs in the world's developing economies. 14 TOP 250 EXPORTERS
FOOD AND DRINK
Credit for the strong performance also lies within the industry itself. Higher outputs in key sectors provided a platform for a strengthened export performance in areas such as dairy, meat and livestock, while a number of significant industry-wide developments collectively served to underpin the sector's determination to continue on its sustainable growth path.
The UK market remains the single biggest destination for exports, absorbing 42% of the total in 2013. This was 8% ahead of the 2012 figure and brought exports to an impressive €4.2 billion to that market. Favourable euro exchange rates helped provide a solid basis for trade with stronger beef, dairy and prepared foods shipments recorded. Following a difficult trade in 2012 due to slow economic demand and more favourable trade elsewhere, exports of food and drink to Continental EU markets rebounded impressively in 2013. Exports increased by 11% to reach around €3.2 billion, which represents over 32% of total exports.
Shipments of Irish food and drink products outside of Europe built on the impressive performance of the previous two years with growth of 6% recorded to exceed €2.6bn. The region accounted for 26% of exports.
Looking to the future, while challenges remain, the underlying trend for Irish food and drink exports remains strongly positive and the sector is well positioned to meet the targets set in Food Harvest 2020.
Aidan Cotter
CEO, Bord Bia
TOP 250 EXPORTERS 15
SECTION ONE: THE TOP 250 EXPORT COMPANIES IN IRELAND
The Top 20 export companies in the Republic of Ireland COMPANY NAME
1. GOOGLE IRELAND LTD 17,001.00
2. MICROSOFT IRELAND 15,001.00
manufacturers and 3. JOHNSON &
4. DELL PRODUCTS
5. SMURFIT KAPPA
6. ORACLE EMEA LTD
7. INTEL IRELAND LTD
8. KERRY GROUP PLC
www.kerrygroup.com Food Ingredients 9. PFIZER
10.APPLE COMPUTER
HOLDING LTD
12. SANDISK
13. IBM IRELAND LTD
14. GILEAD SCIENCES
15. THE IRISH DAIRY
BOARD CO-OPERATIVE
16. GLEN DIMPLEX
17. GLANBIA PLC
Food preparations 18. ABP FOOD GROUP
19. WARNER CHILCOTT
20. FACEBOOK IRELAND 1,789.35
Social networking Source: The Top 250 Exporters in Ireland was compiled by James Treacy, MD, StubbsGazette 16 TOP 250 EXPORTERS
SECTION ONE: THE TOP 250 EXPORT COMPANIES IN IRELAND
1 Google Ireland Ltd opened its EMEA headquarters in Dublin in 2003, initially
employing 100 people. In 2005 and 2006, Google's Ireland operation continued to grow and the company announced expansion projects creating over 1,100 new jobs and also expanding its premises in Dublin. The Irish operation is now the internet giant's largest outside of the US with 2,071 employees. The search engine Google was founded in 1998 by Stanford University PhD students Larry Page and Sergey Brin with the mission of organising the world's information and making it universally accessible and useful. It quickly went on to become the top web property in all major global markets. Its targeted advertising programme AdWords is the largest and fastest growing in the industry, providing businesses of all sizes with measurable results, while enhancing the overall web experience for users. Headquartered in Silicon Valley, California, Google has offices throughout North America, Europe, Asia, Canada, Japan, Mexico, South Korea, Turkey, Australia, Brazil, India and the UK. The investments in Ireland allowed Google to meet the increasingly diverse needs of its customers in over 35 countries across the EMEA region. With an estimated worth of US$159 billion, Google overtook Apple to become the world's most valuable brand in the 2014 BrandZ Top 100 Most Valuable Global Brand ranking.
2 Microsoft Ireland Ltd has been operating in Ireland since 1985. It has
increased its international mandate by encompassing three divisions at its campus in Sandyford, Dublin, which employs 1,200, including contractors. In addition, Microsoft officially opened its Windows Live EMEA Data centre in 2009 at Grangecastle, Dublin. The EMEA Operations Centre (EOC) established in 1985 provides key support for the company's sales and customer support activities to over 120 countries around Europe Middle East and Africa. Focused on engineering excellence, the Microsoft European Development Centre conducts the full lifecycle of software development from R&D, to engineering and localisation across many of Microsoft's different business groups. Microsoft Ireland (Sales, Marketing and Services Group) was established in 1991 and services customers throughout Ireland. In 2009, Microsoft opened the doors of its 303,000sq ft Windows Live EMEA Data Centre in Grangecastle, Dublin with an investment of US$500 million to host and deliver Microsoft cloud computing products and services for markets in EMEA. TOP 250 EXPORTERS 17
SECTION ONE: THE TOP 250 EXPORT COMPANIES IN IRELAND
The data centre has been officially recognised by the European Commission's Sustainable Energy Europe Campaign as a ‘best practice' in environmental sustainability through its innovative design, which has made it 50% more energy efficient than traditional data centres built three years ago.
3 Johnson & Johnson has been operating for more than 70 years in Ireland
and employs around 2,500 people in total here. Johnson & Johnson is made up of three business segments: consumer, medical devices and diagnostics, and pharmaceuticals. Most recently, one of its companies, Ethicon Biosurgery Ireland, announced plans in April 2014 to develop an €80 million state-of-the-art manufacturing facility providing about 270 jobs at the National Technology Park, Plassey, Co Limerick. Another of its companies in Ireland is medical devices manufacturer Depuy, which employs 575 people in Co Cork, having first established there in 1997. In early 2008 DePuy announced its intention to develop next generation orthopaedic products and processes for a global market at its Irish operation with the establishment of an innovation centre. The world's most comprehensive and broadly based manufacturer of healthcare products and related services, Johnson & Johnson owns more than 275 operating companies in more than 60 countries, employing around 128,000.
4 Dell Products is a global hub for services, sales, operations,
software, finance and marketing, employing 2,300 people in Dublin, Limerick and Cork. Headquartered in Round Rock, Texas in the US, Dell's Irish-based operations continue to play a vital role in the company's success as it continues on its evolution from a PC company to a solutions and services organisation. Dell has a strong services presence in Ireland with more than half of the total number of Irish based employees working with the services group. The facility in Cherrywood in Dublin is one of the largest customer centres of its kind in Ireland, employing 1,200 people from 60 different nationalities. Dell started operations in Raheen, Co Limerick during 1990, and is now home to one of 12 global solution centres. The company's acquisition of Quest Software in 2012 has added an extra site to the Irish operations 18 TOP 250 EXPORTERS
SECTION ONE: THE TOP 250 EXPORT COMPANIES IN IRELAND
with 200 people now based in Cork. Established since 1984, Dell employs a total of around 100,000 people worldwide. 5 Smurfit Kappa Group is headquartered in Ireland and is one of the leading
producers of paper-based packaging in the world, with 39,096 employees in around 350 production sites across 32 countries and with sales revenue of €7.9 billion in 2013. The four main areas it focuses on are packaging, paper production, recycling and forestry. It is an integrated producer, with its packaging plants sourcing the major part of its raw material requirements from its own paper mills. In turn the sourcing of recovered fibre and wood for the mills is managed through a combination of its reclamation and forestry operations and purchases from third parties. Its chief executive officer Gary McGann was named 2014 European CEO of the Year by global forest products industry information provider RISI.
6 Oracle EMEA Ltd is now the largest software-as-a-service (SaaS) company in
the world, according to its CEO Larry Ellisson. Oracle's EMEA centre is based at East Point Business Park in Dublin, employing around 1,000 people. Headquartered in Redwood, California in the US, Oracle Corporation was incorporated in 2005 as a developer and provider of enterprise software and computer hardware products and services. In 2013 it reported revenues of US$37.2 billion and has 400,000 customers in 145 countries and employs more than 120,000 people in total. The Irish operation makes up about a quarter of the group's total revenues.
7 Intel Ireland Ltd started out in Ireland in 1989 and the chip maker now employs
4,500 people on its Leixlip campus in Co Kildare and is involved in state-of-the- art advanced manufacturing. In addition, more than 850 construction workers have been employed on this site for the past two years. Intel Shannon, the European arm of Intel's embedded communications group, employs a further 200 people. Intel Belfast (formerly Aepona) employs over 200 people in Belfast and Wicklow. McAfee, a wholly-owned subsidiary of Intel, employs a further 300 people in Cork, and Havok, another wholly-owned subsidiary, employs 40 people primarily in Dublin.
TOP 250 EXPORTERS 19
SECTION ONE: THE TOP 250 EXPORT COMPANIES IN IRELAND
Intel announced in March it had spent US$5 billion over the past three years updating its Leixlip plant. Worldwide, Intel employs 94,000 people and includes wafer fabrication facilities in Ireland, Arizona, Oregon, New Mexico, California, Massachusetts as well as a Chinese operation.
8 Kerry Group PLC is headquartered in Tralee, Co Kerry and the food
ingredients and flavours company employs over 36,000 people throughout its manufacturing, sales, technology and application centres across Europe, North America, South America, Australia, New Zealand and Asian markets. As announced in 2012, Kerry Group is investing €100 million in a global technology and innovation centre in Naas, Co Kildare, which will create 800 jobs directly, as well as 400 immediate construction jobs. Reporting total revenue of €5.8 billion for 2013, Kerry Group has 140 production facilities in 24 countries and sales offices in 20 countries around the world. It supplies over 15,000 food, food ingredients and flavour products to customers in more than 140 countries worldwide. In May 2014 it opened a new regional development and application centre in Durban, South Africa to serve its growing customer base in sub-Saharan Africa, as around €1 billion of its revenue is now derived from emerging markets. Launched as a public company in 1986, Kerry Group's is listed on the Dublin and London Stock Exchanges and its market capitalisation currently stands at around €11 billion.
9 Pfizer is Ireland's largest pharmaceutical investor, having invested over US$7
billion to date. It produces human and animal medicines and consumer healthcare products and was one of the first pharmaceutical companies to locate here in 1969. Since its acquisition of Wyeth, the business in Ireland employs 4,500 people across eight locations based in Cork, Dublin, Kildare and Limerick. The Irish operations manufacture some of Pfizer's best selling and newest medicines, including Lipitor (cardiovascular), Viagra (urology), Sutent (oncology), Enbrel (rheumatology) and Prevenar (vaccines). Ireland is a leading manufacturing base for Pfizer globally exporting to global markets. In September 2011, it announced it was making a US$200 million investment at its Grange Castle biotechnology facility in 20 TOP 250 EXPORTERS
SECTION ONE: THE TOP 250 EXPORT COMPANIES IN IRELAND
Clondalkin, Co Dublin. It officially opened its US$30 million new product technology laboratory at its Ringaskiddy site in Cork last May and reported a 5% increase in half year revenues for the overall group to US$24.1 billion in July 2014.
10 Apple Computer Ltd established here in 1980 and the creator of the iPod
and iPhone now employs 3,500 people in Hollyhill, Co Cork, representing a quarter of the total number it employs in Europe. Apple estimates it supports a further 2,500 jobs in Cork indirectly by providing services such as facilities, catering and security. Founded by Steve Jobs in 1976 as a maker of personal computers, Apple is now the world's second largest information technology company by revenue after Samsung Electronics and the world's third largest mobile phone maker after Samsung and Nokia. Aside from the iPhone and iPod, its best known brands are the Mac line of computers and the iPad tablet computer, as well as software such as the iOS operating system. Apple's revenue for the quarter ended 28 June 2014 amounted to US$37.4 billion while its net profit for the quarter was US$7.7 billion. Worldwide annual revenue in 2013 totalled US$170 billion for the company and in May of last year, Apple entered the top 10 of the Fortune 500 list of companies for the first time, rising 11 places above its 2012 ranking to take the sixth position. This year, it climbed a further notch in the ranking to reach number five.
11 BSC International Holding Ltd first established in Ireland in 1994, with
the support of IDA Ireland, and has grown to be the largest medical device employer in Ireland, employing around 3,000 people. Through its four Irish sites – located in Clonmel, Cork, Galway and Donegal – the company exports around 10 million medical devices worldwide each year, including stents, balloons, platinum coils, catheters, inflation devices and pacemakers. The Irish manufacturing operation is an integral part of the corporation's manufacturing strategy and capability. Founded in 1979 and headquartered in Massachusetts in the US, Boston Scientific employs 25,000 people and is a global leader in the development of less invasive medical devices. It is committed to continued investment in research, development and innovation, investing US$1 billion annually in new products and technologies and employs a total of around 24,000 people.
TOP 250 EXPORTERS 21
SECTION ONE: THE TOP 250 EXPORT COMPANIES IN IRELAND
12 SanDisk International Ltd was founded in 1988 by memory technology
experts Dr Eli Harari and Sanjay Mehrotra. The company is an American multinational that designs, develops and manufactures data storage solutions in a range of form factors using the flash memory, controller and firmware technologies. In 2013 it reported a 22% increase in revenue to reach a record US$6.2 billion. The company is headquartered in California, with offices or manufacturing facilities in 10 locations in Asia, six in Europe (including the UK, Ireland and Spain) and three in Israel. Its most recent investment in Ireland was in 2006 when it transferred its EMEA headquarters to Dublin from Holland, creating more than 50 jobs here.
13 IBM Ireland Ltd has been operating in Ireland since 1956 and is today
made up of a diverse workforce of 3,000 employees across a broad range of businesses, which include research, software development, supply chain management, pan European telesales and telemarketing, financial shared services, and technical support. The focal point for IBM's investments in Ireland is the IBM Technology Campus, established in 1996 on a 100-acre site in Mulhuddart, Dublin. The campus has evolved into a research, development and services centre with new knowledge-based, highly skilled investments. IBM has also located an innovation centre, data centre, cloud computing centre and international treasury centre in Dublin. In November 2011, IBM Research – Ireland lab was established to concentrate research on creating analytics, optimisations and high performance systems that will enable intelligent urban and environmental systems the worlds needs. It is home to the only Smarter Cities Technology Centre in IBM. The lab conducts research in collaboration with IBM Research worldwide, top international universities, cities and commercial partners for intelligent urban and environmental systems such as transport, communication, water and energy.
14 Gilead Sciences is headquartered in California in the US and is a
research-based biopharmaceutical company that discovers, develops and commercialises medicines. Gilead's primary areas of focus include human immunodeficiency virus HIV/Aids, liver diseases such as hepatitis B and C, and cardiovascular/metabolic and respiratory conditions. Based in Carrigtohill, Co Cork, 22 TOP 250 EXPORTERS
SECTION ONE: THE TOP 250 EXPORT COMPANIES IN IRELAND
Gilead's Ireland operations are responsible for manufacturing, quality control, packaging, and the release and distribution of the company's products in the EU and other international locations such as the countries supported by the Gilead Access Program. Around 217 people are employed at the site. In July, the company reported that its total revenues for the first half of 2014 more than doubled to reach US$11.5 billion compared to the same period last year. With operations in North America, Europe and Asia Pacific, its products include Atripla, Truvada and Tamiful and it employs a total of 4,500 people in offices around the world.
15 The Irish Dairy Board Co-Operative Ltd (IDB) has over the past 50 years
played a leading role in establishing routes to market for Irish dairy produce to the point where it is now exporting to over 90 markets globally – a role that will become come even more crucial following the abolition of milk quotas in 2015. Currently responsible for in excess of 60% of pure dairy exports out of Ireland, IDB has grown exports in single digits each year over the past number of years. Employing 110 people, the German IDB operation is the only one outside Ireland that exports its output as a finished consumer product. The butter is shipped in bulk from Ireland, then blended and packed in Germany to supply it and neighbouring markets. In June of this year IDB announced it was opening a US$12m cheese manufacturing facility in Wisconsin in the US, which it said would increase its US food ingredient production capacity by 40%.
16 Glen Dimplex was founded in 1973 in Co Down and is now a leading
international group, with annual revenues in excess of €2 billion and 8,500 employees across four continents. Employing 900 people, Glen Dimplex Ireland is responsible for the design, manufacture and international sales of heating products that are developed in Ireland and the United Kingdom. The company has three manufacturing plants in Ireland, including Glen Electric in Newry, Seagoe Technologies in Portadown and Glen Dimpex Ireland in Dunleer. Last December, Glen Dimplex opened a new R&D facility for space and water heating technologies in Dunleer, Co Louth, as part of a €40 million investment programme by the company in renewable technologies at Irish operations. Over the past 10 years or so Glen Dimplex has grown rapidly to become the largest Irish company operating TOP 250 EXPORTERS 23
SECTION ONE: THE TOP 250 EXPORT COMPANIES IN IRELAND
on the ground in Japan with annual turnover of €70 million, seven offices, five distribution centres and 120 employees.
17 Glanbia PLC is Irish-owned and has evolved to become a leading global
performance nutrition and ingredients group, employing more than 3,560 people across 29 countries worldwide. In December 2013, it announced it was making two new investments in Ireland, which would create 90 jobs in Monaghan and Dublin. Glanbia Consumer Products, owner of the Avonmore and Premier brands, is building a new ultra-heat-treated facility in Monaghan to produce long-life liquid milk and cream suitable for export to emerging markets such as China, Europe and the Middle East. The other investment is at €700 million business Glanbia Global Performance Nutrition, which is locating its Europe Middle East and Africa (EMEA) head office in Dublin to support the international growth of its sports nutrition brand family. Glanbia reported a 10.5% increase in group revenues to €3.2 billion for 2013 last March. This growth trajectory continued in the first half of this year, with the company reporting a 10.7% rise in group revenues to reach €1.79 billion compared to the same period last year.
18 ABP Food Group is based in Ardee, Co Louth. The beef processing company
works with a network of over 35,000 farmers and contributes an estimated €1.3 billion each year into the rural economies in which it operates through its acquisition of cattle and employment of staff in its facilities in Ireland and the UK. Its core business – ABP Beef – is supported by its renewable, pet food and protein divisions, which combine to ensure the value of by-products is maximised and the environmental impact of its business and customers is minimised. ABP has doubled the size of its business in the past 10 years, and continues to seek additional growth opportunities through organic initiatives and potential acquisitions. The company currently employs 7,500 people across the UK and Ireland. It recently agreed an exclusive deal with Carrefour Italia to supply its Irish Hereford prime beef range of products. The deal will see ABP provide beef to more than 160 Carrefour stores, following a trail period earlier this year in 40 stores.
24 TOP 250 EXPORTERS
SECTION ONE: THE TOP 250 EXPORT COMPANIES IN IRELAND
19 Warner Chilcott PLC is headquartered in Dundalk, Co Louth and is
a global specialty pharmaceutical company currently focused on the gastroenterology, women's healthcare, dermatology and urology segments of the North American and Western European pharmaceuticals markets. On 1 October 2013, Dublin-headquartered Actavis announced the completion of its acquisition of Warner Chilcott plc, creating an US$11 billion leading specialty pharmaceutical company with over US$3 billion in pro forma sales. Warner Chilcott has 2,117 employees in 12 countries in North America and Western Europe and its manufacturing facilities are located in Puerto Rico, Northern Ireland and Germany.
20 Facebook Ireland Limited established its international headquarters in
Hanover Quay in 2009 and the social media giant doubled its office space last November, moving to a new office space in Grand Canal Square in Dublin's Silicon Docks. Its largest operation outside of the group headquarters in Menlo Park, California, the Dublin office will allow Facebook to further expand its operations in Ireland from the existing base of server support, policy and database engineering. The new 120,000 sq ft office space has the capacity for 1,000 employees, which gives Facebook room to grow twice the size it was last year in Ireland.
TOP 250 EXPORTERS 25
SECTION ONE: THE TOP 250 EXPORT COMPANIES IN IRELAND
COMPANY NAME
EMPLOYEES LOCATION 21. VMWARE
22. SYMANTEC LTD
Blanchardstown 01 8035400 Computer software 23. MAXIM
INTEGRATED PRODUCTS
24. ADOBE SYSTEMS
Publishing software 25. KINGSTON
TECHNOLOGY
26. FOREST
HOLDINGS LTD
27. KELLOGG
28. GENZYME IRELAND
29. MEDTRONIC
Medical equipment VASCULAR
30. BENEX LTD
www.benex-corp.com X-ray apparatus and related irradiation 31. ICON PLC
32. KINGSPAN GROUP
Building materials www.msd-ireland.
34. DAWN MEATS
35. INGERSOLL RAND
industrial company 36. PERRIGO
(FORMERLY ELAN
37. DIAGEO
Drinks manufacturers 38. DOOSAN HOLDINGS 891.23
26 TOP 250 EXPORTERS
SECTION ONE: THE TOP 250 EXPORT COMPANIES IN IRELAND
COMPANY NAME
EMPLOYEES LOCATION 39. BARD SHANNON
40. BUSINESS OBJECTS
Software solutions SOFTWARE LTD (SAP)
41. AVAYA
INTERNATIONAL SALES
42. PEPSI-COLA
Flavouring extracts 43. KEPAK GROUP
44. AMDOCS SOFTWARE 754.40
SYSTEMS LTD
45. NETGEAR
46. SHIRE
47. SYNCREON
48. EMC IRELAND
49. MICROCHIP
50. SCHNEIDER
ELECTRIC IT LOGISTICS
51. SYNOPSYS IRELAND 651.44
52. GLAXOSMITHKLINE
53. TOTAL PRODUCE PLC 600.00
55. P.C.H
56. BOSE PRODUCTS BV
57. FOURNIER
IRELAND LTD
TOP 250 EXPORTERS 27
SECTION ONE: THE TOP 250 EXPORT COMPANIES IN IRELAND
COMPANY NAME
EMPLOYEES LOCATION 58. SERVIER (IRELAND)
59. MERCURY
60. ALTERA EUROPEAN
TRADING CO LTD
62. GREENCORE GROUP 500.00
Food preparations 63. ARDAGH GLASS
Glass manufacturer SALES LTD
64. STRYKER IRELAND
Medical equipment 66. LIMERICK ALUMINA 431.27
67. COOK IRELAND LTD
Medical equipment 68. XILINX IRELAND
69. PHARDIAG LIMITED
70. ALLERGAN IRELAND 400.00
71. IRISH DISTILLERS
72. MCKESSON
IRELAND LTD
73. LAKELAND DAIRIES
CO-OPERATIVE SOCIETY
75. MCAFEE IRELAND
Anti-virus software 76.GARTNER IRELAND
77. ZYNGA GAME
78. MENTOR GRAPHICS 353.79
28 TOP 250 EXPORTERS
SECTION ONE: THE TOP 250 EXPORT COMPANIES IN IRELAND
COMPANY NAME
EMPLOYEES LOCATION 79. ELI LILLY
80. CADENCE DESIGN
SYSTEMS (IRELAND) LTD
81. TELEFLEX MEDICAL
82. AVENTAS GROUP
83. ANALOG DEVICES
84. MONAGHAN
Mushroom growers 85. SANDLEFORD LTD
Bicyle components 86. SKILLSOFT PLC
87. KCI MEDICAL
Medical technology 88. PROJECT
MANAGEMENT
89. COILLTE TEO
Builders materials 90. KOSTAL IRELAND
91. TRI SUPPLY LTD
92. XEROX IRELAND
93. BAUSCH & LOMB
Optical instruments 94. C&C GROUP PLC
canned soft drinks 95. ROSDERRA IRISH
Pigmeat exporters 96. SLANEY FOODS
97. EQUANT
NETWORK SERVICES
98. LUFTHANSA
www.lufthansatechnikair TECHNIK AIRMOTIVE
IRELAND LTD
99. IAC SEARCH &
MEDIA EUROPE LTD
100. ALKERMES
PHARMA IRL
TOP 250 EXPORTERS 29
SECTION ONE: THE TOP 250 EXPORT COMPANIES IN IRELAND
COMPANY NAME
EMPLOYEES LOCATION 101. RED HAT LIMITED
102. PAYZONE IRELAND 222.19
Electronic payment 103. ELEMENT SIX LTD
104. LIBERTY MEDICAL
105. HEWLETT
106. LIEBHERR
CONTAINER CRANES LTD
107. L M ERICSSON LTD
108. LISHEEN MILLING
109. QLGC LTD
110. ASTELLAS IRELAND 200.00
111. BULGARI
112. BAXTER
Medical equipment 113. THERMO KING
IRELAND LTD
114. SMARTPLY
EUROPE LTD
115. LIFFEY MEATS
Sausages and other 116. AURIVO
117. NOVELL IRELAND
SOFTWARE LTD
118. TARA MINES
046 9082000 www.boliden.com HOLDINGS LTD
119. SENSORMATIC
EUROPEAN
120. GREEN ISLE FOODS 180.00
www.northern-foods. Food 121. KENMARE
30 TOP 250 EXPORTERS
SECTION ONE: THE TOP 250 EXPORT COMPANIES IN IRELAND
COMPANY NAME
EMPLOYEES LOCATION 122. ZIMMER
ORTHOPEDICS
123. HELSINN BIREX
124. BENTLEY
SOFTWARE
126. TREND MICRO
021 7307300 www.trendmicro.com (EMEA) LTD
127. TERADATA
128. RECORDATI
Pharmaceuticals and IRELAND LTD
129. STORIT LIMITED
130. HONEYWELL
Engineering services MEASUREX (IRL) LTD
131. NOVARTIS
132. BIONICHE
133. VETPHARM
134. BRISTOL MYERS
135. BALLINA
136. TRANSITIONS
Photochromic plastic OPTICAL LTD
137. CADBURY IRELAND 150.00
138. DANONE BABY
139. WELLMAN
www.wellman-intl.com Manmade organic 140. BIMEDA HOLDINGS 142.82
141. COMMSCOPE EMEA 140.74
TOP 250 EXPORTERS 31
SECTION ONE: THE TOP 250 EXPORT COMPANIES IN IRELAND
COMPANY NAME
EMPLOYEES LOCATION 142. GE HEALTHCARE
143. BASF IRELAND LTD 140.00
144. C&F TOOLING LTD
145. MICROS FIDELIO
146. CARBERY MILK
PRODUCTS LTD
147. VCE TECHNOLOGY
148. FAIR OAK FOODS
149. CREGANNA TACTX
150. STIEFEL
151. COMBILIFT LTD
152. CONNAUGHT
153. SIEMENS
154. TAKEDA IRELAND
155. GLOBOFORCE LTD
Gift voucher service 156. MCDERMOTT
157. DONEGAL MEAT
www.foylefoodgroup. Meat packing 158. H J HEINZ
159. PARAMETRIC
160. STRATUS
Software solutions 161. LEANORT LTD
046 9066000 www.xtratherm.com Insulation products 162. DORNAN
32 TOP 250 EXPORTERS
SECTION ONE: THE TOP 250 EXPORT COMPANIES IN IRELAND
COMPANY NAME
EMPLOYEES LOCATION 163. EXTREME
NETWORKS IRE LTD
164. PAYPAL EUROPE
Internet purchasing 165. CAMERON
IRELAND LTD
166. FURLONG
www.furlongflooringltd. Home furnishings 021 4354133 www.fmcinternational.
PRODUCTS LTD
169. EI ELECTRONICS
Electronic components 170. OPENET TELECOM
171. RENISHAW
172. PROCTER
Perfumes, cosmetics and other toiletries IRELAND LTD
173. LARGO FOODS
Food preparations 174. MICROMUSE
SOFTWARE IRELAND
175. KN NETWORK
176. ROCHE PRODUCTS 85.72
IRELAND LTD
177. ZEUS PACKAGING
178. MIRROR
CONTROLS
179. ABBOTT
180. MAGNA DONNELLY 80.00
181. ALL-TECHNOLOGY
Bio-tech researchers 182. PALM GLOBAL
Handheld computers, TOP 250 EXPORTERS 33
SECTION ONE: THE TOP 250 EXPORT COMPANIES IN IRELAND
COMPANY NAME
EMPLOYEES LOCATION 183. CG POWER SYSTEMS 77.73
IRELAND LTD
184. ABB LTD
185. BECTON DICKINSON 74.11
& COMPANY LTD
186. NATIONAL
187. LAKE REGION
Medical equipment 188. GE SECURITY
Security products 189. M&J GLEESON
manufacturers and 190. ARVATO DIGITAL
191. PINEWOOD
192. SULZER PUMP
SOLUTIONS IRELAND
193. THE HAMMOND
LANE METAL COMPANY,
194. SERCOM SOLUTIONS 65.00
195. ROTTAPHARM LTD
196. MOLEX IRELAND LTD 63.05
197. TRINITY BIOTECH
www.trinitybiotech.com Drugs, proprietaries and 198. ELECTRICAL & PUMP 60.01
SERVICES LTD
199. TIPPERARY CO-
OPERATIVE CREAMERY
200. FLEXTRONICS
INTERNATIONAL CORK
201. CELESTICA IRELAND 59.84
34 TOP 250 EXPORTERS
SECTION ONE: THE TOP 250 EXPORT COMPANIES IN IRELAND
COMPANY NAME
EMPLOYEES LOCATION 202. SANOFI AVENTIS
203. SCIENTIFIC GAMES 58.29
204. AVOCENT
Computer peripheral 205. BIO-MEDICAL
Bio-med researchers RESEARCH LTD
206. FERRERO IRELAND 54.79
Chocolate and cocoa 207. GE SENSING EMEA
Security products 208. TECH GROUP
Plastic injection EUROPE LTD
209. VOLEX EUROPE LTD 50.04
210. TOWN OF
211. INDEPENDENT
NEWS & MEDIA
212. BORD NA MONA
213. CARTON GROUP
Poultry processors 214. AMAYA
215. ALCAN PACKAGING 50.00
Packing and crating DUBLIN LTD
216. SENNHEISER
Consumer electronics CONSUMER
217. MODUS MEDIA
071 9659500 www.masonite.com Door manufacturers 219. ATHLONE
0906 492679 www.
EXTRUSIONS
220. BARCLAY
CHEMICALS (HOLDINGS)
221. FUJITSU IRELAND
Technology solutions 222. ALPS ELECTRIC
Electronic parts TOP 250 EXPORTERS 35
SECTION ONE: THE TOP 250 EXPORT COMPANIES IN IRELAND
COMPANY NAME
EMPLOYEES LOCATION 223. RICHARD KEENAN
HOLDINGS LTD
224. MISYS IRELAND
225. CLONMEL
226. EBAY EUROPE
Blanchardstown NA Internet purchasing SERVICES LTD
227. CREATIVE LABS
228. PRAMERICA
SYSTEMS IRELAND LTD
229. YAHOO EMEA
230. COVIDIEN IRELAND 42.50
231. OLYMPUS IRELAND 40.00
232. KAYMED
Polyeruthane foam 233. MERIT MEDICAL
IRELAND LTD
234. AMT-SYBEX GROUP 37.59
235. ALCON
IRELAND LTD
236. DIALOGIC
237. ALSTOM IRELAND
238. CLONDALKIN
239. PREMIER
041-9870707 www.
240. QUINTILES LTD
241. PENN
ENGINEERING
242. LOTUS
071 9169783 www.lotusautomation.
36 TOP 250 EXPORTERS
SECTION ONE: THE TOP 250 EXPORT COMPANIES IN IRELAND
COMPANY NAME
EMPLOYEES LOCATION laboratory equipment 244. VALEO FOODS
Food manufacturers 245. FREEFOAM
PLASTICS LTD
246. GE ENERGY
247. BOXMORE
PLASTICS LTD
248. INTEC BILLING LTD
Billing solutions 249. PHILIPS
250. TORNIER
ORTHOPEDICS
Source: The Top 250 Exporters in Ireland was compiled by James Treacy, MD, StubbsGazette TOP 250 EXPORTERS 37
SECTION TWO: ANALYSIS OF FOOD AND DRINK SECTOR
Food and drink buoyancyThe food and beverage companies listed on the ISEQ now account for 30.5% of the total Irish market with four of the top 10 companies in the index coming from the sector. Combined, they generated over €13.6 billion in revenue in 2013. In terms of share performance, the sector was up 33% in 2013 and is up 14.1% for the year to date, outperforming the ISEQ in 2014 to date by 10.5 percentage points. This buoyancy is being driven by the earnings reliability in the sector and the balance sheet strength to continue to complement organic growth with significant acquisitions. The top performer in the sector over the past 12 months within the larger cap companies has been Greencore (+84.6%), followed by Aryzta (+52.9%).
IRISH PUBLIC COMPANIES – FOOD SECTOR
Market cap
12m price
Kerry Group
Donegal Investment Group
Source: Bloomberg 38 TOP 250 EXPORTERS
SECTION TWO: ANALYSIS OF FOOD AND DRINK SECTOR
IRISH FOOD COMPANIES HAVE A GLOBAL FOOTPRINT
Although Irish in origin and domicile, all ‘Irish' quoted food companies are truly
international in their business footprint. Combined, the top six generate 30.7% of
revenue in the UK, 27% in Europe, 21.4% in the US, 16.3% in Ireland and 5.8% in the
rest of the world.
That said, the majority of products sold in those jurisdictions are also manufactured there rather than exported from Ireland. The larger companies in the sector have not only expanded geographically over the years but also broadened their product offerings, looking to become market leaders in niche sectors. Kerry is market leader in the food and flavour systems market, Aryzta is the leading global frozen-for-bake-off company and Glanbia has grown to become one of the leading sports nutrition companies in the world.
ABOLITION OF MILK QUOTAS WILL PROVIDE OPPORTUNITIES
One issue foremost in Irish food producers' minds in 2014 has been the rapidly
approaching abolition of the EU-imposed Common Agricultural Policy milk quota at
the beginning of April 2015. This has the potential to drive a large increase in food
exports from Ireland if it is managed properly across Europe.
Ireland is one of the best placed countries to benefit as it has a low cost grass-based production system compared to other countries (mainly in Southern Europe) that have to rely on grain feed to boost supply.
Currently, all milk production in Europe is capped by the EU but with the abolition of the quota system, it is anticipated that production in the main dairy areas across Europe, including Ireland, will increase markedly. In Ireland, Glanbia is constructing a UHT treatment plant to cater for variations in supply and its dairy ingredients spin-off, GIIL, is building a milk processing plant to add to its capacity to produce milk powder, butter and cheese as well as whey and milk protein. Most of this will be for export.
TOP 250 EXPORTERS 39
SECTION TWO: ANALYSIS OF FOOD AND DRINK SECTOR
Producer of the iconic Kerrygold brand Irish Dairy Board (IDB) is also gearing up to deal with increased demand for its butter as it expands into new markets. With turnover up 5% in 2013 to €2.12 billion, IDB is responsible for exporting about 60% of Ireland's dairy products to more than 100 countries. It has pre-packing and blending facilities in Germany, the UK, the US and the Middle East to help it promote and expand Irish dairy exports. To manage both the anticipated increase in milk production in Ireland with the abolition of the milk quota and the forecast increase in demand for dairy products from countries such as China, IDB is investing €30 million in a new 50,000 tonne-capacity butter production and packing facility and a Kerrygold innovation centre in Mitchelstown, Co Cork.
KERRY – A LEADER IN FOOD INGREDIENTS AND FLAVOURS
Kerry has long since moved away from a purely food producing company to one
that focuses on the provision of flavour solutions to a global client base, now
generating almost three quarters of its revenue and almost 80% of profits from
its Ingredients and Flavours division. Its Consumer Foods division is still a leading
player in the UK and Irish chilled foods market but now only accounts for 20% of the
company's profits.
Kerry is expanding its innovative ingredients and flavourings offerings to global clients. This is currently being enhanced by the ongoing construction of a €100 million global technology and innovation centre in Naas, Co Kildare. Located on a 28-acre site, there are already over 200 people working in interim facilities while construction is completed. When fully commissioned at the end of 2014, the facility will house 800 workers, expanding to 900 by the end of 2016. This adds to the food product innovation capacity the company has at its first centre in Beloit, Wisconsin in the US. 40 TOP 250 EXPORTERS
SECTION TWO: ANALYSIS OF FOOD AND DRINK SECTOR
TOP 10 IRISH FOOD EXPORTING COMPANIES
COMPANY NAME
€M EXPORTS
1. Kerry Group
2. Irish Dairy Board
3. Glanbia
4. ABP Food Group
5. Kellogg European Trading
6. Dawn Meats
7. Diageo
8. Pepsi-Cola Ireland
9. Kepak Group
10. Total Produce
ARYZTA – A GLOBAL FROZEN-FOR-BAKE-OFF PLAYER
In the global bakery market that is forecast to grow by low single digits over the
coming three to five years, Aryzta continues to outperform both organically,
through exposure to one of the fastest growing sub-sector (frozen-for-bake-off),
and through acquisitions.
Following the acquisition of a leading German bakery (Klemme) last year for €280 million, it picked up Chicago-based Cloverhill Bakery and the Canadian bakery Pineridge for €730 million, combined, in March 2014. Pineridge adds to Aryzta's growing international frozen bakery production facilities while Cloverhill provides diversification into single-pack convenience bakery product manufacturing, a growing convenience foods sector.
GLANBIA – ONE OF THE LARGEST IN PERFORMANCE NUTRITION
Glanbia has successfully repositioned itself over the past two years away from the
lower margin, more volatile, liquid milk and milk products market into the higher
margin performance nutrition market.
TOP 250 EXPORTERS 41
SECTION TWO: ANALYSIS OF FOOD AND DRINK SECTOR
From its origins as a dairy and dairy products company, Glanbia has evolved into a global player in the manufacture and sale of performance nutrition and supplemental nutrition products. Not only are these products higher margin than Glanbia's traditional product mix but also the market for them is growing faster. The company's move into the nutrition market was a logical progression up the value chain. As the largest producer of cheddar cheese in the US (own production combined with production from its JV with Southwest Cheese), the company was already generating the raw ingredient (whey) for performance nutrition products. It is now processing ingredients, formulating a packing products and selling to retailers.
C&C – THE TOP CIDER IN IRELAND AND TOP LAGER IN SCOTLAND
C&C has continued to expand from its Clonmel, Co Tipperary origins into a company
that now enjoys the number one position in both the Irish cider market and the
Scottish lager market. The company has two must-stock brands in Bulmers cider in
Ireland and Tennent's lager in Scotland. With both markets showing little signs of
growth over the past few years and a dominant market share making it difficult to
gain share in a static market, C&C has been actively diversifying its business offering.
Through the purchase of Irish distributor Gleeson and Scottish distributor Wallaces
Express in Scotland, C&C now has a multi-product offering in both territories.
Ian Hunter
Equity Analyst, Investec Bank
42 TOP 250 EXPORTERS
Distinctively different You'll find a leading specialist bank and wealth & investment manager at The Harcourt Building, Harcourt Street, Dublin 2.
Ahead of the herd. Thanks to our global footprint we can now offer clients a world of opportunity, from right here in Ireland. To find out more call 01 421 0000 or visit www.investec.ie Investec Bank plc (Irish Branch) is authorised by the Prudential Regulation Authority in the United Kingdom and is regulated by the Central Bank of Ireland for conduct of business rules. Investec Capital & Investments (Ireland) Limited trading as Investec Wealth & Investment and Investec is regulated by the Central Bank of Ireland. A member of the Irish Stock Exchange and the London Stock Exchange. Calls may be recorded.
SECTION THREE: ANALYSIS OF LIFE SCIENCES SECTOR
A core contributor to Irish exports Over the past 14 years the life sciences sector has developed into one of the core contributors to the Irish economy. The sector can be broken down into a number of sub-sectors, characterised by different end products and different technologies but with different regulatory regimes that have to be adhered to and different economic dynamics. The two main divisions are pharmaceuticals and medical devices. The former encompasses a wide range of medicinal products ingested, inhaled, administered topically, and so on, the latter a wide category ranging from regulated guidewires and catheters used in internal surgical procedures to defibrillators and walking frames.
In 2013, chemical and related products accounted for 58% of total goods exported (ie €50.42 billion out of €86.89 billion). The overall sector has seen exports slip 8.4% from the €56.03 billion exported in 2010, when it also accounted for 60% of total goods.
In export terms, the pharmaceutical sector is split into two categories, organic chemicals (SITC code 51) and medical and pharmaceutical products (SITC code 54). The former broadly consists of active pharmaceutical ingredients or bulk chemicals while the latter is tableted or bottled pharmaceuticals for final use. Within sub-categories across all exports, the main changes in 2013 compared to 2012 were in medical and pharmaceutical products, which decreased by 12% from €24.55 billion to €21.62 billion and organic chemicals, which decreased 9% from €20.05 billion to €18.29 billion. 44 TOP 250 EXPORTERS
SECTION THREE: ANALYSIS OF LIFE SCIENCES SECTOR
Medical & Pharmaceutical Organic Chemicals 60.0% Contribution to total goods exported (%) Contribution to goods exported Annual value of exports ( FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 Source: CSO The pharmaceutical industry has been a stellar contributor to the growth in goods exported from Ireland this century. Having started the century generating €22.21 billion in exports and accounting for 26.5% of total goods exported, the sector peaked in 2010 at €46.36 billion and a 50.8% contribution to goods exported. The subsequent two years have seen consecutive declines. Over the past 20 years, Ireland has become a centre for drug manufacture. Large US corporations were attracted to the country as it was within the EU with an English-speaking, well-educated population and attractive business conditions. As such, by 2005, eight of the ten top selling drugs were manufactured in Ireland. In 2011, Ireland was home to nine out of the top 10 pharma/biotech companies in the world. Ireland's pharmaceutical sector accounted for 7.8% of the world pharmaceutical market in 2005. Although this slipped to 7.2% in 2012, Ireland is still the fifth largest exporter of pharmaceuticals in the world. Notably, over the past 12 years Ireland's pharmaceutical industry has moved up the value chain. Where the export of bulk ingredients has remained relatively stable, the export of finished product grew from €5.31 billion in 2000 to €26.39 billion in 2010.
TOP 250 EXPORTERS 45
SECTION THREE: ANALYSIS OF LIFE SCIENCES SECTOR
DRUGS COMING OFF-PATENT DENTING EXPORT GROWTH
Blockbuster drugs started to go off-patent in 2002 with Augmentin showing that generic substitution can dramatically impact sales within a three-month period. Price sensitive patients, particularly in the US, quickly substituted an expensive branded drug with a cheap generic. The ‘patent cliff' has seen a range of blockbuster drugs go generic over the first decade of the 21st century. The biggest wave of drug patent expiries started in 2010 and is continuing through to 2015. Some of the biggest blockbuster drugs in history lost patent protection in 2011, 2012 and 2013 including Lipitor, Plavix and Oxycodone. Nexium, Cymbalta and Symbicort are the three biggest drugs coming off patent in 2014. In 2011, Ireland manufactured in part or full, six of the top 10 blockbuster drugs coming off patent between 2011 and 2016. NOT A LARGE SOURCE OF EMPLOYMENT
Despite being such a large contributor to Ireland's exports, the pharmaceutical industry is not a large source of employment. Direct employment in the broad pharmaceutical manufacturing sector is considerably lower than its share in exports. Quarterly national household survey data showed an average of 36,800 employees in the sector in early 2013. Despite the above discussed slippage in export values and the threat over the past decade from patent-loss in blockbuster drugs manufactured in Ireland, both absolute numbers and share of those employed has remained relatively stable. The industry currently only accounts for around 2% of economy-wide employment.
MOVING UP THE VALUE CHAIN
The Irish pharmaceutical industry remains strongly manufacturing-focused. Multinationals have established production bases in the country with little to no R&D capability. Traditionally they have invested very little in drug discovery in Ireland. 46 TOP 250 EXPORTERS
SECTION THREE: ANALYSIS OF LIFE SCIENCES SECTOR
The situation has improved over the past three years with significant input from companies such as Wyeth (acquired by Pfizer) into biotech research facilities. Although the ongoing loss of patents is a concern, there is the potential for Ireland to broaden its pharmaceutical offering into drug discovery. It has the educated population to fuel such development and with a growing reputation as multinationals gain traction in the field in Ireland, this could prove an area of opportunity going forward. Although drugs coming off patent could prove a short-term threat to the value of exports, not only are the pharma companies developing new drugs to replace those lost to generic competition but Ireland's move up the value chain (a greater proportion of exports in completed products and increased R&D spend) augurs well for the continued health of the sector.
MEDICAL DEVICES SECTOR CONTINUES TO GROW
The other success story in the Irish life sciences industry has been the growth of the medical devices sector. As with their pharmaceutical counterparts, the large US medical device companies were attracted to Ireland as a manufacturing base because of its educated, English-speaking workforce, its position within the EU and an advantageous business environment. To a greater extent than the pharmaceutical industry, however, this provided the stimulus for home-grown businesses to develop, with currently 250 indigenous med-tech companies in existence. That said, multinationals dominate the business, accounting for 80% of companies operating in Ireland. 97% of those employed in the medical devices industry also work for non-Irish businesses, according to Forfás.
Ireland currently hosts a leading med-tech cluster in Europe with nine of the top 10 global med-tech companies having set up a significant manufacturing base in the country. The sector has developed over the past 20 years into one employing the highest per capita number of medical technology personnel (25,000) in Europe. Currently, it exported goods to the value of €7.2 billion in 2013, which represents TOP 250 EXPORTERS 47
SECTION THREE: ANALYSIS OF LIFE SCIENCES SECTOR
8.3% of Ireland's total merchandise exports. Again, unlike the pharmaceutical industry, over half of med-tech companies have a dedicated R&D function. As an example of successful innovation, the world's market leading drug-eluting stent was developed and commercialised in Ireland. In other fields, 50% of ventilators used in acute hospitals worldwide are manufactured in Ireland and 33% of contact lenses used globally are made in Ireland.
Medical device exports have proven to be robust over the past six years in the face of the global economic crisis. In some way this reflects the essential nature of the products being produced and the defensive nature of the sector. Health, along with food described elsewhere in this booklet, remains a priority whatever the prevailing economic conditions. After experiencing a 10% decline in export value between 2005 and 2007, medical devices exports have increased at a compound annual growth rate of 14.1% over the subsequent six years, from €3.9 billion to €7.2 billion. Indeed, where the pharmaceutical sector experienced a dip in export value in 2011 and 2012, the medical devices sector has continued to grow though the two years and out into 2013.
Medical device exports Annual value of exports ( Source: IDA Ireland 48 TOP 250 EXPORTERS
SECTION THREE: ANALYSIS OF LIFE SCIENCES SECTOR
Both sectors, combined, remain major contributors to Ireland's export profile and will continue to do so in the years to come. Where the loss of patents may be a short-term threat to Irish pharmaceutical exports, the industry's continuous efforts to replace old drugs with new more effective treatments, Ireland's move up the value chain and a strong medical devices sector augur well for the future.
TOP 10 PHARMA AND MED-TECH EXPORTERS
COMPANY NAME

€M EXPORTS
Johnson & Johnson
BSC International Holding
Genzyme Ireland Ltd
Source: Stubbs Gazette Ian Hunter
Equity Analyst, Investec Bank
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SECTION FIVE: REVIEW OF THE IFSC
A growing international hub for financial services In the more than 25 years since its establishment, the IFSC has grown to become synonymous with the wide range of economic activities involving the exporting of internationally traded financial services. It encompasses sectors as diverse as fund and asset management, banking, insurance, aircraft leasing, securitisation, payments and money transmission, and corporate treasury. The sector comprises more than 500 firms that directly employ 32,700 people (with indigenous firms accounting for almost a fifth of this total) dotted throughout more than 20 different counties in Ireland, according to IFSC Ireland. This is around 10% of total multinational employment in the State. The sector accounts for about 7% of Irish GDP and contributes roughly €2.1 billion in taxes to the Exchequer. Its impact is felt far beyond these shores – the IFSC accounts for 5% of all EU cross-border financial services activity, which for reference is well above the country's 1.3% share of EU GDP. The best known cross-border financial services activities provided by IFSC firms are aircraft leasing, debt listing, payment services and fund administration. All of the world's 10 largest aircraft lessors operate in Ireland. Data compiled by the IDA show that about half of the global fleet of commercial aircraft are managed from here, and much of the skills base that helps meet that requirement has its roots in GPA, established by Tony Ryan at Shannon in 1975.
Speaking of track records, the Irish Stock Exchange (ISE) is Europe's third largest exchange for debt listings, behind the Luxembourg Stock Exchange and Deutsche Boerse AG. 60 TOP 250 EXPORTERS
SECTION FIVE: REVIEW OF THE IFSC
The Main Securities Market has about 22,000 debt securities from over 50 jurisdictions listed on it, including medium-term notes, corporate bonds, ABS, covered bonds, credit-linked notes, certificates, warrants and commercial paper. Indeed, the ISE's Listed Securities Report runs to 179 pages and features household names such as Microsoft, Coca-Cola and Debenhams. Turning to the payment services industry, PayPal's recently announced plans to increase its total Irish workforce to 2,900 by 2018 (from about 1,500 today) serves as a reminder of the potential for a sector that already employs 5,000 people in Ireland. But growth in this area will not only come from international firms. Indigenous players such as Realex, Fexco and Monex are already processing billions of transactions annually. IMPORTANT LOCATION FOR FUNDS ADMINISTRATION
Data compiled by the Irish Funds Industry Association shows that in Q1 2014 there was €2.8 trillion (equivalent to about 16 times Irish GDP) of funds under administration in Ireland, split reasonably evenly between domiciled and non-domiciled. This represents an increase of 3.8% since the end of 2013 and compares to €636 billion of funds under administration in 2004. Of the Irish domiciled funds, 32% of these were fixed income related, 25% equities, 7% hedge fund, 22% money market, 9% mixed and 5% ‘other'. TOP 250 EXPORTERS 61
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Total funds under administration bn
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Q114 Source: Irish Funds Industry Association Irish Balance of Payments data have recently been subjected to revisions going back to 1998, due to the Central Statistic Office's adoption of the IMF's BPM6 approach. One change that has had a noticeable impact is the new classification of non-produced, non-financial assets, or ‘patents and copyrights'. Under BPM6 these move from the capital to the current account, which reduces the current account balance.
The 2013 current account surplus is now estimated at €7.6 billion (2012: €2.7 billion) or 4.4% of GDP (the 2013 surplus was previously estimated, under the former methodology and on the basis of less complete data, at 6.6% of GDP).
CSO data show that the IFSC contributed €66 billion to the credit side and €56.6 billion to the debit side of the current account last year, producing an ‘IFSC current account' surplus of €9.4 billion (2012: €5.8 billion). This is an important point as Ireland's transition from current account deficit to surplus has been one of the key highlights of the economic rebalancing that has taken place in recent years (note, however, that this performance has been flattered by distortions arising from the tax domicile of foreign companies operating in Ireland), with the IFSC playing a material role in achieving this outcome – indeed, were it not for the IFSC Ireland would still be running a current account deficit. 62 TOP 250 EXPORTERS
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Current Account Balance
Q112 Q212 Q312 Q412 Q113 Q213 Q313 Q413 Q114 Source: CSO M&A ACTIVITY ON THE RISE
In last year's edition we noted that there had been a ‘series of votes of confidence' in the
international financial services sector in Ireland in the form of mergers and acquisition
(M&A) activity. This trend has continued in the past 15 months or so, according to data
on transactions compiled by MergerMarket.
In the banking sector, start-up Dilosk recently acquired the ICS distribution platform from Bank of Ireland, along with €250 million (gross) of performing variable and fixed rate mortgages, paying ‘a minimum of par' for these assets. Recent press reports say that Dilosk will target the buy-to-let segment in seeking out new business opportunities. Elsewhere, Permanent TSB acquired Newbridge Credit Union in late 2013, with the deal structured in a capital neutral way. The insurance sector in Ireland has seen a half-dozen deals in recent times. In May GreyCastle Holdings agreed to acquire XL Life Reinsurance for a cash consideration of US$570 million. Liberty Mutual bought out the 49% of Liberty Insurance that it didn't already own from the Special Liquidators of IBRC for a reported €100 million. Lloyd's of London underwriter Canopius, which has operations in Ireland, was sold by Bregal Capital to Sompo Japan for £594 million. In another sizeable transaction, Guardian Financial Services recently completed the acquisition of AIB's Ark Life business in a deal reportedly worth €350 million. Late last year Achmea agreed to sell AIIL (Achmea Insurance Ireland Limited) to New Zealand's TOP 250 EXPORTERS 63
SECTION FIVE: REVIEW OF THE IFSC
CBL. Finally, Les Mutuelles du Mans Assurances increased its stake in Medical Insurance Company to give it majority ownership of the business.
In the leasing space, Mitsubishi agreed to buy Engine Lease Finance Corporation (headquartered in Shannon) and Beacon Intermodal Leasing for a combined US$392 million. LCI Helicopters sold a minority stake to KKR, to help finance future growth opportunities, while Everyday Asset Management bought CIT's vendor finance business. Turning to the funds sector, Clearstream bought Citco Global Securities Services Ltd, for a price reportedly in ‘the mid two digit million euro range'; US Bancorp bought the fund administration company Quintillion and Mitsubishi acquired Butterfield Fulcrum, an administrator for hedge funds and the alternative asset management industry.
Last, but by no means least, the investment segment also saw a fair smattering of deals, with Davy buying Prescient, KKR buying Avoca Capital, AcomeA buying Unipol Fondi and Kendrick, a vehicle controlled by businessman Denis O'Brien, buying Resource Property Investment Fund plc (the real estate partner of Topaz Energy). INCREASED EMPLOYMENT EXPECTED
Another sign of confidence in the IFSC can be seen in the job creation announcements from firms supported by IDA Ireland. In its recent half-year update the agency noted publicly disclosed commitments from PayPal and HedgServ, which followed a series of ‘wins' from the likes of Deutsche Bank and Zurich during 2013. The CSO's Q1 2014 Quarterly National Household Survey shows that total employment across the ‘financial, insurance and real estate' sector rose 1.4% q/q to 98,500 (5.2% of all those in employment during the quarter). While CSO data show that the total number of people at work in the sector is 10% below peak levels, we would be optimistic of increased employment in this area in the months and years ahead as the economic recovery gathers momentum. As noted above, we believe that the IFSC is well placed to benefit from the improving global economic backdrop. Partly driven by this, financial markets in general have made a very strong recovery from the lows that were hit in March 2009 – the S&P 500 closed at 1973.63 on 21 July, bringing it to within 1% of its record all-time high and some 192% 64 TOP 250 EXPORTERS
SECTION FIVE: REVIEW OF THE IFSC
above the March 2009 trough close of 676.53. It is a similar story for the FTSE 100 (on 21 July it closed 92% above its trough of 3512.09), EuroStoxx 600 (114% above its trough of 157.97) and Ireland's ISEQ Index (144% above its trough of 1916.38). These moves can only benefit the wider financial services community. Ireland has become a major international hub for a number of segments of the financial services sector, such as aircraft leasing, insurance/reinsurance, fund administration and payments. In the years ahead it is very likely that we will see additional segments join this roll-call. Outside of current initiatives in areas such as the ‘Green IFSC' and Islamic finance (one estimate suggests that the IFSC is home to 5% of global Sharia-compliant funds), one area that is primed for further growth is property. FOCUS ON PROPERTY ASSETS
An acronym that has become synonymous with property in Ireland is Nama, which has steadily – and successfully – reduced its ‘core' loans and receivables from a peak of €28 billion in Q1 2011 to €18 billion in Q1 2014. The agency expects to offload the bulk of its remaining assets by the end of 2016. Outside of Nama, many financial institutions (both domestic-headquartered and overseas-headquartered) have also been offloading property loans along with the underlying collateral. A by-product of these sales is the expertise that is being built up in Ireland in managing large scale property related assets. Harnessing this expertise to establish an enduring industry which can export services to other geographies would provide another string to the IFSC's bow. An example of the successful establishment of a new era of professional property investment in Ireland is the launch of a new REIT regime in Ireland during 2013, which has to date spawned three IPOs (Green REIT, Hibernia REIT and IRES REIT). These companies have raised total equity of €1.3 billion (which can be augmented with debt) to invest in the property sector. We would not be surprised if other property vehicles were to emerge in Ireland in time. As noted above, such companies would not have to confine their activities to within our borders – indeed, we note that the recent IBRC loans sales process involved the TOP 250 EXPORTERS 65
SECTION FIVE: REVIEW OF THE IFSC
marketing to prospective buyers of collateral based in 22 different jurisdictions across three continents. Data compiled by StubbsGazette on the largest companies from the ranks of the IFSC show that the largest players are, for the most part, to be found in traditional areas such as banking and insurance/reinsurance. TOP 10 IFSC COMPANIES BY TURNOVER
Rank Name
1. Deutsche Bank AG
2. Bankinter SA
3. Hannover Life reassurance (IRL)
4. Depfa Bank plc
5. Aareal Bank AG
6. Citibank Europe PLC
7. Unicredit Bank Ireland Plc
8. De Lage Landen Irelnad
9. Monte Paschi Ireland Ltd
Treasury services 10. Canada Life International Re
Source: StubbsGazette As the financial services industry fragments into more specialised areas we would expect to see some new names included in this by the time next year's report comes along and, hopefully, some indigenous firms will feature among the ‘top 10' before this decade is out. Philip O'Sullivan
Chief Economist, Investec Ireland
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The IFSC Top 50 companies COMPANY NAME
€M SALES €M PBT
1. Deutsche Bank AG
Financial services 2. Bankinter SA
Financial services 3. Hannover Re (Ireland)
Financial services 4. Depfa Bank
Financial services 5. Aareal Bank AG
Financial services 6. Citibank Europe PLC
Financial services 7. UniCredit Bank Ireland
Financial services PLC
8. De Lage Landen Ireland

Financial services 9. Monte Paschi Ireland
Treasury Services Financial services Ltd
10. Canada Life

Financial services 11. Aegon Ireland Plc
Financial services 12. CIT Aerospace
Finance & Leasing Financial services International
13. Intesa SanPaolo Bank

Financial services 14. EAA Covered Bond
Financial services Bank
15. Atradius Reinsurance

Financial services 16. Allianz RE Dublin
Financial services TOP 250 EXPORTERS 67
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COMPANY NAME
€M SALES €M PBT
17. Wells Fargo Bank
Financial Services 18. Belfius Ireland
www.belfius.com Banking Financial Services 19. Scor International
Financial Services Reinsurance Ireland
20. BNY Mellon Securities

www.bnymellon. Banking Financial Services 21. Cattolica Life Ltd
Financial Services 22. Susquehanna
Financial Trading Financial Services International Group Ltd
23. Titan Series Holdings

Mortgage Finance Financial Services Ltd
24. Scotiabank (Ireland)

www.scotiabank. Banking Financial Services 25. Baring International
www.barings.com Fund Financial Services 26. Bank of Montreal
Financial Services 27. Helaba Asset Services
Financial Services 28. Citco Bank Nederland
Financial Services 29. Inora Life Ltd
Financial Services 30. Prime Edge Capital PLC 90.59
Financial Services 31. Iberdrola Finance
Financial Services Ireland Ltd
32. Porsche International

Treasury Services Financial Services Financing PLC
33. Veneto Ireland

Financial Services Financial Services
34. Goldman Sachs Ireland
78.08
Financial Services 68 TOP 250 EXPORTERS
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COMPANY NAME
€M SALES €M PBT
35. J P Morgan Bank
Financial Services 36. ALD RE Ltd
Financial Services 37. Mitsui Sumitomo
Financial Services Finance Dubln
38. Espirito Santo PLC

Financial Services 39. WGZ Bank Ireland Plc
www.wgzbank.ie Banking Financial Services 40. ABN AMRO Retained
Financial Services Custodial Services
41. BBVA Ireland PLC

Financial Services 42. Abbey International
Finance & Leasing Financial Services Finance
43. Securitas Treasury

Treasury Services Financial Services Ireland
44. BNY Mellon

www.bnymellon. Banking Financial Services 45. DZ Bank Ireland PLC
Financial Services 46. Chartis Excess Ltd
Financial Services 47. BPV Finance
Financial Trading Financial Services (international) PLC
48. Mitsui Sumitomo

Financial Services Reinsurance
49. Rayo Finance Ireland

Financial Services 50. Dexia Crediop Ireland
Investor Services Financial Services Source: The Top 50 IFSC companies was compiled by James Treacy, MD, StubbsGazette TOP 250 EXPORTERS 69
SECTION FIVE: REVIEW OF THE IFSC
DESCRIPTION OF TOP 10 IFSC COMPANIES
1 Deutsche Bank AG was founded in Berlin in 1870 to support the
internationalisation of business and to promote and facilitate trade relations between Germany, other European countries, and overseas markets. It has developed into a leading global provider of financial services. With around 100,000 staff in more than 70 countries worldwide, Deutsche Bank is present in Ireland since 1991 and employs over 310 people across two offices in Dublin – in the IFSC and the Irish Life Centre on Abbey St.
2 Bankinter SA was founded in 1965 as a joint venture between what is now
Grupo Santander and Bank of America. It is among the top six banks in Spain and offers a variety of consumer and business banking services through branches, agents, telephone services and the internet. A provider of mutual and pension funds, mortgages, leasing and securities brokerage, Bankinter pioneered internet stock trading in Span and currently employs around 4,300 people.
3 Hannover Re (Ireland) was set up in 1999 in Dublin 1. With a gross premium of
around €14 billion, its parent company Hannover Re is the third largest reinsurer in the world, transacting in all lines of non-life and life and health reinsurance. Present on all continents, it employs around 2,400 staff in total. Hannover Re, with a gross premium of around €14 billion, is the third largest reinsurer in the world. The rating agencies most relevant to the insurance industry have awarded Hannover Re very strong insurer financial strength ratings (Standard & Poor's AA – ‘very strong' and AM Best A+ ‘superior').
4 Depfa Bank is a subsidiary of bailed out lender from Germany Hypo Real Estate
Holding. It is a Dublin-based bank incorporated under Irish law that grew a network of international subsidiaries and branch offices. In May of 2014 Germany's government abandoned plans to sell it, choosing instead to wind it down.
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5 Aareal Bank AG is headquartered in Wiesbaden, Germany, and is one of the leading
international property specialists in the world. With employees from more than 30 countries, it has local offices on three continents – in Europe, North America and Asia. The parent company of the group is the MDAX-listed Aareal Bank AG, combining all subsidiaries within the two segments structured property financing and consulting/services.
6 Citibank Europe PLC is one of the largest employers in the IFSC with around 2,000
staff based at its North Wall headquarters. Citibank Europe plc provides various financial products and services to individuals, corporations and small and medium-sized enterprises worldwide. It offers current and savings accounts, term deposits, money market funds, mutual funds, bonds and structured investment products, and wealth management services.
7 UniCredit Bank Ireland PLC is a wholly owned subsidiary of Italian banking group
UniCredit SpA, which has a total of over 130,000 employees and more than 7,000 branches internationally. The Dublin operation's principal business areas are credit and structured finance (loans, bonds, securitisations, other forms of asset financing), treasury activities (money market, repos, eonia and other interest rate swaps, foreign exchange, futures), issue of certificates of deposit and structured notes.
8 De Lage Landen Ireland is a fully owned subsidiary of the Rabobank Group and
is part of the international network of the company that provides leasing, business and consumer finance solutions, including vendor finance and factoring. The company is present in more than 35 countries in Europe, North America, South America, Asia and Australia and employs around 5,000 people in total.
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9 Monti Paschi Ireland Ltd was formerly known as 121 Financial Services Limited
and was incorporated in 1998. It operates as a subsidiary of Banca Monte dei Paschi di Siena, considered to be the oldest bank in the world, having been founded in 1472. The Montepaschi Group is present all over Italy and in the major international financial centres. With some 31,000 employees and over 2,600 branches, the Montepaschi Group offers its services to more than six million customers.
10Canada Life International Re is a division of The Canada Life Assurance
Company and certain of its subsidiaries and affiliates. The Canada Life Assurance Company is a subsidiary of international financial services holding company Great-West Lifeco Inc and a member of the Power Financial Corporation group of companies. The owner of Irish Life, Great-West Lifeco and its companies have US$718.4 billion in consolidated assets under administration and US$18.9 billion in capital and surplus. 72 TOP 250 EXPORTERS
SECTION SIX: INVESTEC REVIEW
Lock in your profit – protect euro/pound sterling from rising above 0.80p Positive news this year in the currency markets for Irish exporters as we have seen the euro-pound sterling exchange rate finally breaking below £0.80p in the second quarter of 2014. This represents a significant move lower over the last year for companies exporting to the UK. The UK remains Ireland's single biggest export destination with the value of Irish food and drink exports rising above €10 billion for the first time in 2013. STERLING – BACKGROUND TO RECENT MOVES, WHAT TO EXPECT NEXT
It's just over 12 months since Mark Carney took his seat as Governor of the Bank of
England and what a year it has been. The UK recovery is now fully fledged, sustained
though slightly London centric, with all the important economic metrics such as
employment, inflation and growth projections pointing to similar continuity.
The pound's reaction to this period of positivity has been equally as impressive. The euro now sits at a 23 month low in or around £0.79, which is close to a 12% downswing in the past 12 months. This is very positive news for exporters to the UK and for sterling sellers. The pound has been boosted in recent weeks by more hawkish rhetoric emanating from the Bank of England as it prepares the market for an interest rate increase this year. The UK is now looking likely to be the first major economy to hike interest rates. However, there are some potential speed bumps ahead for the economy and the pound in general with the Scottish independence referendum scheduled for September 2014 and the General Election in May 2015. Investec still sees political uncertainty setting the trend for the pound looking ahead. Our end-2014 forecast remains at £0.81 against the euro.
HOW INVESTEC CAN HELP
At Investec we talk to a substantial number of importers and exporters about their
currency exposure and provide them with sufficient credit limits to manage this risk.
The most regular question we get asked is ‘where is X/Y currency pair going next?'. We TOP 250 EXPORTERS 73
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don't claim to have a crystal ball here on our FX desk. At Investec, our treasury team make it their business to understand your situation and have the solutions to protect the budget rates you set for your company that offer the ability to benefit from market moves in your favour. Our treasury team provides the expertise to help you decipher the latest issuances from central bankers, and also watch the market for reaction to every development. Our dedicated economics team publish a large quantity of top quality research and well considered reaction pieces on all major releases. This allows us, and you, to keep track of the latest economic announcements and to forecast the next step. If you are concerned about your currency exposure, and want to discuss how the next move from central banks might impact your business, talk to Investec today. We love to learn more about the companies we deal with, and share our own research and expertise with current and prospective clients.
INVESTEC – OIL TO TEST US$115/BARREL IN TO 2015
With swings of over 15% in oil and metal prices over the last year, can you afford not to
hedge? The question being asked by many of our clients is whether Brent crude oil will
trade back over US$120/barrel.
Geo-political risks such as escalating violence in Gaza, Russia's annexation of Crimea, the downing of the Malaysian airline in the Ukraine and the ISIS insurgency in Iraq are having a significant impact on oil markets this year. Iraq has the fifth largest proven crude oil reserves in the world and is the second largest producer of crude oil in OPEC. With recent US air strikes to prevent the ISIS insurgency towards the rich oil fields in the south, Investec see risks to the upside for the remainder of the year. Large swings in commodity prices can have a significant impact on the bottom line if left unchecked. Investec has solutions to help consumers manage and even benefit from price volatility. Swaps provide a way for commodity consumers to lock in the price of oil or metals. By looking out for trends and momentum in the price, consumers can look out for significant dips in prices to enter into hedges to lock in some of their price exposures. When prices are trending, higher consumers can avoid further hedges and wait for the markets to turn. Technical indicators such as moving averages can help to identify such moves. This approach enables consumers to smooth out volatility in commodity prices and may help them achieve pricing below the market average over time.
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ARE COMMODITY PRICES HAVING A NEGATIVE IMPACT ON YOUR BOTTOM
LINE?
Whether your business is involved in shipping, aviation, energy, distribution,
manufacturing or the pharmaceutical sector, rising commodity prices can have a direct
or indirect impact on the overall cost base of your business.
From our experience at Investec, we see our corporate clients hedging and protecting the majority of the risk within their business by attempting to forecast and protect specific budget levels set by their business model.
Commodity prices have a tendency to spike aggressively. If these costs impact your business and are left unhedged they have the potential to have a negative impact on your balance sheet. Investec Bank can provide corporate clients with tailored hedging strategies to manage commodity exposures while allowing you to take advantage of favourable market moves.
INVESTEC'S COMMODITY BUSINESS
With our South African origins, and as a result of our financing activities in both the
mining and aviation sectors, Investec has built strong relationships with a wide variety
of commodity producers and a very good understanding of commodity markets.
Investec is focused on innovation and tailoring solutions to meet client needs. We can offer a wide range of oil related products as well as other commodities OIL PRODUCTS TRADED INCLUDE:
BASE METALS TRADED INCLUDE:
Alan Harrison
Investec Corporate Institutional Treasury
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The world of Financial Repression LOW INTEREST RATES THAT FAIL TO MATCH INFLATION AND RISK TAKING
Higher short term interest rates will remain elusive. For the first time ever a major
Central Bank has introduced negative interest rates. Mario Draghi and his colleagues on
the governing council of the European Central Bank (ECB) cut the deposit rate for the
region's banks to minus 0.1% from zero. Therefore, banks which deposit with the ECB
will receive less back than they pay in.
Negative interest rates are a levy on banks. Banks depositing with the ECB will now see their money shrink rather than grow. The fact that we live in times of extraordinarily low interest rates is dramatically revealed by interest rates levels in most European Government bond markets. For example, yields on Dutch 10 year Sovereign Bonds recently traded at all-time, multi-century lows. The data series started in 1517, almost 500 years ago, the year Martin Luther posted his 95 Theses! Six years on from the Great Financial Crash, interest rates remain at exceptionally low levels. Aggregate debt levels are well in excess of those reached after World War II. Harvard Professor Carmen Reinhart has written that in the aftermath of that period, Governments engaged in outright ‘Financial Repression'. One of the main goals of Financial Repression is to keep nominal interest rates lower than would otherwise prevail, and to keep interest rates at levels that fail to match inflation. We fear that interest rates will lag inflation for years to come.
For the US and the UK, in the years after World War II through to 1980, the estimated annual liquidation of debt via negative real interest rates amounted to an incredible 3% to 4% of GDP every year. When Financial Repression produces interest rates that lag inflation, this liquidates the real value of existing debts. In effect, wealth transfers from creditors (savers) to debtors (borrowers). 76 TOP 250 EXPORTERS
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High debt levels, unacceptable numbers of unemployed, disappointing economic growth and troublingly low inflation are conditions that suggest Europe will have low interest rates for years to come. For practical reasons, the ECB is unlikely to target much lower negative interest rates, yet economies need more monetary support. Other forms of supportive monetary policies are in operation. The ECB is actively considering emulating other large central banks, expanding unconventional polices like quantitative easing. Central banks in the US, UK and Japan already have engaged in quantitative easing. In order to stimulate the economy, central banks purchase assets, pushing up prices and lowering longer-term interest rates. Indeed, the Federal Reserve made no secret of its desire to push up some asset prices. Brian Sack of the New York Fed wrote in December of 2009: "…the purchases bid up the price of the asset …. these effects would be expected to spill over into other assets that are similar in nature". The balance sheets of some consumers and financial institutions are boosted by these actions, while savers have to endure very low interest rates.
Higher short term interest rates will remain elusive.
THE DANGERS OF HUNTING FOR YIELD
It is estimated that less than 20% of the fixed income market now yields over 4%. Yield-
hungry investors are being forced to assume more risk to bolster returns. This behaviour
can lead to investors becoming fixated on securities with relatively high yields, without
factoring in the risks attached to those yields.
Banks have recently seen strong demand for their issuances of Contingent Convertibles (CoCos). These instruments have been politely described as ‘quirky', and have been popular with banks and regulators because they can convert into equity. From an investor's viewpoint, the attraction of interest payments in the range of 6%-8% is clear. But these securities are far more risky than ordinary bonds - the risk can mimic that of equity. In some versions, the entire capital value can be written off.
We also see the reappearance of PIK (Payment-in-kind) bonds, mainly issued by the promoters of leveraged buyouts. In exchange for higher interest payments, the buyer of these securities runs the risk of receiving more debt in lieu of cash payments - very inconvenient. The message from CoCos and PIKs strongly suggests that some investors may be taking more and more risk as they scramble for yield and perhaps underestimate the risks they are taking.
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Interest rates will stay low globally for an extended period. Cash and bonds will likely deliver negative real returns. Within the bond market, the popularity of securities such as CoCos and PIKs most likely signals that some lower-quality assets have become relatively expensive. Equities and other real assets are still priced to give better returns than cash and bonds. We don't believe that equity valuations are too excessive, as the chart below highlights: MSCI World Price To Book Value Long-Term Average Source: Morgan Stanley Cash alone is not the correct solution for savers seeking to protect purchasing power. Selective risk assets are still the most attractively priced assets for the medium to long-term. Higher-quality equities have become much better relative value recently. The attached graph shows that the earnings yield foregone to own ‘quality' is just 28bps versus an 18 year average of 59bps. 78 TOP 250 EXPORTERS
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A ‘quality' earning yield of 6.3% compares very favourably with deposit rates and bond yields.
Quality Expensive Source: UBS, Quant and European Strategy team Investec Wealth & Investment (IW&I) advise on over €50 billion of assets on behalf of private clients, charities, pensions, family offices and corporates. Our scale, financial strength, international reach, depth of investment resources and local presence are key differentiators for our clients. Our goal is to protect and grow our clients' capital, in that order. We understand that in the vast majority of cases, our clients view their investments as ‘irreplaceable capital'. We seek to avoid any permanent loss of this capital.
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If you are overexposed to cash, you should start making plans to take on a suitable level of investment risk. Thankfully, it is now a little easier and cheaper to construct a portfolio with better-quality equity assets. As always, the correct course of action will be different for each investor according to their circumstances. If you would like to discuss what the correct ‘next step' might be for you, please don't hesitate to contact us.
To discuss any of the issues raised in this article, please contact Paul directly on 01 4210000 or [email protected]
Paul Callan
Investec Wealth & Investment
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Corporate funding – the state of the market Investec is a financial institution with an entrepreneurial background and culture that facilitates the creation and management of wealth. It is under that theme that we built our platform in Ireland so that we can support leaders who have that entrepreneurial spirit with the capital to grow organically and by acquisition. We have put a corporate lending team on the ground in Dublin and are keen to grow our corporate lending book in Ireland where we can be relevant. Investec has had a private client lending business in Dublin for over 15 years and we are pleased to now offer corporate funding to our clients.
We view the Irish corporate funding environment as distinctly different depending on what size your business is. For large Irish corporates it is extremely strong with capital available from both the debt capital markets and traditional banking sources. The bank finance available is diversified across both Irish and international banking syndicates with terms and spreads remaining extremely competitive. We can arrange this finance for clients and participate in these transactions. As you move into the mid-market segment, where we are largely focused on deploying our own balance sheet, access to funding is certainly now available from traditional banking sources and the newer alternative sources of finance for the better credit opportunities. Indeed it is quite a competitive space on leverage levels, covenants and margins. The debt capital markets are starting to become an option for growing mid-size Irish corporates and this is a space in which Investec Debt Capital Markets raises finance for our Irish clients in the capital markets. This is an interesting option for corporates. Access to growth funding is a challenge for businesses that overleveraged in the past and are seeking a re-finance out of debt funds who have acquired their facilities or banks which are openly in wind down mode. Bank finance is available but it takes longer to secure and the absence of equity in some TOP 250 EXPORTERS 81
SECTION SIX: INVESTEC REVIEW
cases remains a challenge. We would like to assist in these situations where we can and are flexible in how we look at these opportunities. The SME sector continues to find access to credit difficult. In some cases taking on external equity is an option but in other cases addressing their debt funding in a different way is required.
Our general funding advice to Irish CEOs and CFOs now is to ensure that they have the right capital structure. Too many companies continue to carry too much leverage and this is acting as a major drag on driving the equity value of businesses by prohibiting capex, working capital investment to drive organic growth or indeed acquisitions. There are now lots of sources of capital available for strong management teams to fund growth. In that context, they should take the opportunity to internationalise their businesses and diversify earnings away from the risk of domestic demand pressures. Both investors and finance providers are drawn to corporates that have a significant international element to their business. Corporates should also continue to diversify their funding base and establish relationships with a number of finance providers well ahead of re-finance dates as banks are becoming more likely to share debt packages than hold large exposures on their own balance sheets. Our advice 12 months ago would have been to lock down term finance as a matter of high importance as the banking market was much more uncertain at that point with the IBRC and other de-leveraging processes either ongoing or about to commence. There is far more clarity on these processes now.
Over the past 15 years in Ireland, and under Michael Cullen's leadership, Investec has built strong client networks, sustained and grown the business and built a strong local franchise for the group. Investec is keen to capitalise on its wider corporate relationships by opening its balance sheet to suitable opportunities. This should also have a positive effect on our corporate finance advisory services and our competitive offering in foreign exchange, interest rate, commodities and deposit taking markets.
We started our corporate lending business from scratch a few years ago in London and now have corporate loan assets of over £2 billion. In South Africa we are a systemic bank with an enviable private equity and loan portfolio. That expertise, experience and network is available to the Dublin corporate lending desk. 82 TOP 250 EXPORTERS
SECTION SIX: INVESTEC REVIEW
We are concentrating on building a loan book that balances risk and reward and supports strong management teams, entrepreneurs and private equity houses. Our offering provides finance through the capital structure: senior debt, asset based finance, uni-tranche facilities, high yield bonds and co-invest equity. We are looking for strong corporates in the mid-market sector to provide capital to support their growth and expansion. We are sector agnostic but do target cash-generative businesses with strong management teams and structure facilities around cash flows and asset acquisitions as necessary.
We've said the corporate banking market is extremely competitive again in the Irish mid-market corporate space but we differentiate by our flexibility of capital offering and making decisions as quickly as is feasible. We work closely with our corporate treasury and corporate finance teams to provide a full service offering to transactions encompassing capital, treasury exposure management and advice. While we are largely event driven in our specialities we are also keen to support our clients bespoke financial needs.
We also welcome the increase in non-bank finance and believe it provides the opportunity to structure capital in the appropriate layers to optimise the funding requirements of corporates. It also permits risk sharing between the finance providers to suit their respective credit appetites. The presence of equity funds and the level of due diligence and experience they are bringing to transactions are of huge benefit to banks as information required to make credit assessments is available in better form and detail than in the past. We are very comfortable partnering with these funds. On the transactions services side, the more diverse the sources of finance the better clients' needs can be met by corporate financiers. Treasury functions benefit from the presence of non-banking sources of finance which may not have the ability to provide treasury services and products. It is therefore important to develop relationships with banks even if a corporate's source of finance is from a non-banking source. Corporate funding in Ireland is competitive again; we will assist where we can. Contact me at 01 4210433.
David Gilligan
Investec Specialised Finance
TOP 250 EXPORTERS 83
SECTION SEVEN: NORTHERN IRELAND EXPORTERS – OVERVIEW
Increased emphasis on internationalisation Internationalisation is one of the pillars of Invest Northern Ireland's response to the Northern Ireland Executive's focus on driving faster economic growth within the Programme for Government (PfG) 2011–15. The Northern Ireland Economic Strategy for the period puts forward a series of measures and targets to improve the competitiveness of the local economy and a Vision for 2030 of ‘an economy characterised by a sustainable and growing private sector, where a greater number of firms compete in global markets and there is growing employment and prosperity for all'.
The overall objective of the strategy is to rebalance the economy by growing the private sector through increasing innovation, improving skills and strengthening Northern Ireland's ability to compete more effectively in the global economy. Challenging targets set within this focus include a 20% overall growth in manufacturing exports, including a 60% increase in sales to emerging markets, by 2014/15. Trade, an integral part of Invest NI's international division, is aligned to those areas that drive sales outside Northern Ireland and international company development which tends to be export driven.
Inevitably, the economic problems experienced in Europe over the past five years have had an impact on our business abroad. However, the latest trade statistics from HMRC for the year ended March 2014 indicate a return to growth in exports to established markets in Europe, especially the Republic of Ireland, as well as the US, Northern Ireland's two most important international markets.
We have sought to address the challenges in Europe by increasing our marketing activities in emerging markets, as well as maintaining our focus on key established 84 TOP 250 EXPORTERS
SECTION SEVEN: NORTHERN IRELAND EXPORTERS – OVERVIEW
markets, with considerable success. We've combined this approach with a continuing commitment to European markets especially the Baltics, Poland, Hungary and the Czech Republic. We now have in-market consultants in these markets. Our aim is to help our companies to position themselves for Europe's eventual economic recovery.
These support activities have ranged from workshops to increase awareness by providing market intelligence and information on business procedures, to trade missions and participation in major sectoral exhibitions such as the Bauma materials handling equipment shows in Shanghai and Johannesburg as well as Expomin in Santiago and ConExpo in Las Vegas, Hospitalaar, Sao Paulo for healthcare, Mobile World Congress for ICT in Barcelona, and Hotel and Hospitality for Food and Drink in Shanghai. We've sought to support the growth of aerospace by taking part in air shows in Dubai and Singapore, the latter in a joint venture with our colleagues in the UK and Republic of Ireland. Aerospace is one of our priorities because of its alignment to advanced technologies and manufacturing, areas of expertise in Northern Ireland. The Northern Ireland industry is now a major supplier to all the main civilian aircraft manufacturers for programmes such as the Boeing 787 Dreamliner, the Airbus for the 350 and 380 aeroplanes and, of course, the Bombardier range that depends on aero structures, including composite wings, designed and manufactured in Belfast. In addition, B/E Aerospace in Kilkeel designed and produces around 30% of the world's commercial aircraft seating.
Recovery in established markets, such as the Republic of Ireland, during 2013/14 led to exports increasing by 6.3% to a record £6bn after a 5% decline in 2012/13 on the year before. The upturn saw significant progress in our biggest markets such as the Republic of Ireland (+9%), the US (+12.6%), France (+19.6%) and Germany (+29.9%). Total exports to EU markets increased overall by 10.4% and to the rest of the world by a smaller 0.1%. The Republic of Ireland's importance to the Northern Ireland economy strengthened, increasing from 36.5% to 37.3% over the year ending March 2014.
TOP 250 EXPORTERS 85
SECTION SEVEN: NORTHERN IRELAND EXPORTERS – OVERVIEW
The statistics show that traditional sectors continue to dominate our exports. These are machinery and transport equipment (+2.5% and overall 39.4% of exports), food and live animals (+17.1% and 19% of exports), chemicals and related products (+18.4% and 13.2% of exports), and manufactured goods (+7.8% and 9.0% of exports). Exports rose in virtually all divisions, the largest contributors being meat and meat preparations (+21.9%) and dairy products (+13.8%). We recognise the importance of food exports and are working on initiatives within a new strategic approach to maximise the industry's export potential.
Export successes in food include Dale Farm, our biggest dairy business, which secured significant orders in China and Russia, Antrim Hills Spring Water, Ballyclare supplying artesian spring water to foodservice organisations in Shanghai, and Fane Valley, Armagh signing export deals in markets such as Saudi Arabia, Venezuela and Algeria. White's in Tandragee has succeeded in selling its porridge oats and oat snacks to China, Russia, Malaysia and Singapore.
Indeed our food and drink industry is currently experiencing unprecedented growth in the Middle East, especially in the United Arab Emirates involving smaller companies such as Kettyle Irish Foods, Lisnaskea, Mash Direct, Comber, Heavenly Tasty Organics, Omagh, Kestrel Foods, Portadown, and Free-ist, Belfast. Irwin's Bakery in Portadown has also secured substantial business with LuLu supermarket group in Abu Dhabi for speciality breads.
Other sectoral successes by companies using our trade support schemes include Wrightbus, now one of the UK's leading bus builders, developing in India, Singapore and Malaysia; CRL, Portadown securing business associated with FIFA World Cup stadia in Brazil; Anaconda Equipment International providing materials handling machinery to Chile, India and Russia; CDE Global, Omagh also in Brazil; Texthelp, Antrim, a developer of literacy software, winning new customers in Brazil, South Africa and the Middle East; and Londonderry's Flite Software also in China.
Our work is in line with the findings of a recent House of Commons report ‘Exporting out of Recession', which states: "For companies, investing and selling overseas tends 86 TOP 250 EXPORTERS
SECTION SEVEN: NORTHERN IRELAND EXPORTERS – OVERVIEW
to improve productivity, innovation and financial performance. Selling overseas helps businesses achieve economies of scale and levels of growth and revenue not otherwise possible; reduce their dependence on a single or small number of markets; and increase the commercial life span of their products or services, with raised returns on investment. These companies are more likely to have capital to invest in innovation and product development in the UK, and to maintain or create jobs." Exports have a key role in driving productivity improvements in the economy alongside innovation. Structural transformation to a more dynamic private sector and an export-led economy will lead to greater competitiveness and growth.
Among the challenges that we continue to address is a lower proportion of our business base engaged in exports than is the case in some other UK regions. We also continue to have a high concentration of exports coming from relatively few companies especially in traditional sectors such as engineering, chemicals, and food and drink. Other sectors, including internationally traded services, ICT and life sciences, are showing encouraging growth.
Significant growth in exports in the short term will come inevitably from those mostly larger enterprises already doing business abroad. Our work, in the medium to longer terms, is to diversify and deepen the export base by increasing the overall number of companies embracing internationalisation. Dr Vicky Kell
Director of Trade, Invest Northern Ireland
TOP 250 EXPORTERS 87
SECTION SEVEN: NORTHERN IRELAND EXPORTERS – OVERVIEW
The Top 50 export companies in Northern Ireland
Company Name
Line of Business
1. GLEN ELECTRIC LTD
Domestic heating 2. CATERPILLAR (NI) LTD
Manufacturers of 3. MOY PARK LTD
4. DUNBIA
5. AVENTAS
GROUP
6. SHORT BROTHERS PLC

Michael Ryan Aircraft engines and 7. W&R BARNETT
8. ALMAC GROUP
9. MICHELIN TYRE PLC
Tyre manufacturers 10. B/E AEROSPACE
Aircraft seating 11. TEREX GB LTD
Materials handling 12. AVX LTD
13. JOHN THOMPSON &
14. FOYLE FOOD GROUP
15. LINDEN FOODS
16. SHS GROUP LTD
Food distributors 17. NACCO MATERIALS
18. DALE FARM LTD
88 TOP 250 EXPORTERS
SECTION SEVEN: NORTHERN IRELAND EXPORTERS – OVERVIEW
Company Name
Line of Business
19. NORBROOK
20. SCHRADER
21. WRIGHTBUS LTD
Mark Nodder Truck and bus bodies 22. ROTARY GROUP
Building services 23. NORTHSTONE NI
Builders materials 24. SEAGATE
Computer hardware TECHNOLOGY
25. TMC DAIRIES

26. CLEARWAY
Paul Murphy Metal recyclers HOLDINGS
27. BRETT MARTIN LTD

Plastic building 28. RETLAN
29. HUMAX
ELECTRONICS CO. LTD
30. DEVENISH NI LTD
31. MONTUPET (U K) LTD
32. SDC TRAILERS
Trailer manufacturers 33. RANDOX HOLDINGS
34. COONEN BY DESIGN
35. HILTON MEATS
Beef processors for international retailers 36. ALLSTATE NI LTD
37. DIAGEO GLOBAL
Drinks manufacturers SUPPLY
38. FANE VALLEY FEEDS

TOP 250 EXPORTERS 89
SECTION SEVEN: NORTHERN IRELAND EXPORTERS – OVERVIEW
Company Name
Line of Business
39. HOWDEN UK LTD
commercial fans and 40. THALES AIR
David Beatty Guided missile and DEFENCE LTD
41. WARNER CHILCOTT
42. SEVERFIELD NI LTD
Steel manufacturers 43. THE OLD BUSHMILLS
44. KINGSPAN
Builders materials 45. RYOBI ALUMINIUM
46. ANDOR TECHNOLOGY
47. ULSTER CARPET
MILLS (HOLDINGS) LTD
48. W D MEATS
49. VAUGHAN
ENGINEERING GROUP
LTD
50. COONEN DEFENSE

Description of the Top 10 export companies in Northern Ireland
1 Glen Electric Ltd is the Northern Ireland division of the Glen Dimplex Group, one
of the world's largest manufacturers of domestic heating appliances. Its products are distributed in North America, Europe, Asia and Australia. Brands include Glen, EWT, Eletromode, Pelgrium and Unidare. Operating from purpose built, state-of-the-art distribution facilities and offices, Glen Dimplex Northern Ireland opened in 2008 in Craigavon and is estimated to account for around half of Glen Dimplex's overall business.
90 TOP 250 EXPORTERS
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2 Caterpillar (NI) Ltd is based in Larne, and is Europe's largest manufacturer of diesel
and gas generator sets and provider of power generating solutions. Formerly FG Wilson (Engineering), the company changed its name in 2013, creating a more visible link with its parent group. FG Wilson was acquired by Caterpillar in 1999 and is now an integral part of Caterpillar's Electric Power Division. In addition to major manufacturing operations, Caterpillar (NI) Limited is also home to a number of other business functions such as sales and marketing, legal services and shared services. Employing around 2,900 people, it created 200 administrative jobs at its Springvale site in 2013.
3 Moy Park Ltd is part of Brazilian company Marfrig and the poultry company is
headquartered in Craigavon, but has activities throughout the UK and Ireland, with a subsidiary in France. In June this year Moy Park announced a £170 million expansion that will create 628 new jobs over four years across three sites in Dungannon, Craigavon and Ballymena. Having started out as a small farming company in 1943, Moy Park has grown into a top UK business with a £1.5 billion turnover and a total of around 12,000 employees across Europe. It was one of the sponsors at this year's Fifa World Cup in Brazil.
4 Dunbia is headquartered in Dungannon and is a supplier of top quality red meat
products for the local, national and international retail, commercial and foodservice markets. It operates from across 10 sites in the UK and Ireland and from sales offices throughout Europe, supplying beef, lamb and pork products. Dunbia employs around 3,000 people across a range of hi-tech and multi-skilled disciplines – 1,170 are employed in Northern Ireland.
5 Aventas Manufacturing Group was formerly the Quinn Group and was formed
by Seán Quinn in 1973. The Aventas group is headquartered in Derrylin, Co Fermanagh, Northern Ireland. It employs over 8,000 people in various locations in Europe having developed from a small quarrying operation to a large organisation TOP 250 EXPORTERS 91
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active in areas, including container glass, radiator, plastics and real estate. Further to Quinn being declared bankrupt in the Republic of Ireland in 2012, the group was renamed to Aventas in November last year. In January 2014, Aventas announced plans to invest €16 million in the Quinn Cement plant in Co Cavan. The investment is part of an overall spend of between €30 million and €50 milion, which the group plans to make in upgrading and maintaining the facility over the next five years.
6 Short Brothers PLC/Bombardier specialises in major aircraft structures, including
fuselages, wings and flight control surfaces. Short Brothers is an aerospace company, usually referred to as Shorts, now based at Belfast, Northern Ireland. Founded in 1908 in London, it was the first company in the world to make production aircraft. In 1989, Shorts was bought by Bombardier forming the largest manufacturing concern in Northern Ireland, employing around 5,000 people. Highly committed to continued research and development, Bombardier opened the Northern Ireland Advanced Composites and Engineering centre (NIACE) in 2013.
7 W&R Barnett is Northern Ireland's biggest manufacturer of animal feeds with
annual turnover £500m and is the holding company of a diversified group of international commodity trading and agribusiness companies. The group has grown from its origins in 1896 as a grain merchant and expanded its operations to include a wide variety of enterprises including dry bulk commodities, derivatives, molasses, oils, feed mills, laboratory testing and storage. A fourth generation family business, it is committed to growing and investing in successful operating businesses and their employees. Many of its businesses are jointly owned with Origin Enterprises PLC with which it has had a long partnership. Economist John Simpson has described it as "one of the most profitable and successful family-controlled businesses" in Northern Ireland.
8 Almac Group is a pharmaceutical business that announced in August 2014
it would create 348 high quality jobs over the next five years in a £54 million expansion. It operates in the pharmaceutical and biotechnology sectors providing services including drug discovery, diagnostics, research and development, manufacture 92 TOP 250 EXPORTERS
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of active pharmaceutical ingredients, formulation development and clinical trials. It employs more than 2,100 staff at its headquarters in Craigavon, with an additional 1,380 staff located in facilities throughout the rest of the UK, the US and Asia. Over 600 companies worldwide use its services.
9Michelin Tyre PLC is engaged in the design, manufacture and marketing of tyres
for cars, buses, trucks, agricultural equipment, and industrial and earthmoving equipment. It primarily exports its products to North America, as well as supplies to vehicle manufacturers and replacement markets in the UK and Ireland through its sales forces and distributors. The Ballymena factory produced its first tyre in 1969 and currently employs around 1,100 people on a site that covers 45 hectares. It's the only truck tyre manufacturer on the island of Ireland.
10 B/E Aerospace a worldwide manufacturer of aircraft passenger cabin interior
products for the commercial and business jet aircraft markets, and is also the leading global distributor of aerospace fasteners. Headquartered in Florida in the US, BE Aerospace has leading worldwide market shares in all of its major product lines and serves virtually all of the world's airlines, aircraft manufacturers and leasing companies through its direct global sales and customer support organisations. More than 800 people work at the B/E Aerospace factory in Kilkeel in Northern Ireland, which manufactures a large proportion of the world's first class and business class aircraft seats.
TOP 250 EXPORTERS 93
Appendix 1: Investec Investec is delighted to sponsor the Irish Exporters Association (IEA) publication 2014 Top 250 Exporters. We have sponsored this report for the past four years and we are delighted to be associated with the IEA once again. As members of the IEA we appreciate the valuable work it does on behalf of the export sector.
As an international financial services company, Investec has extensive experience in dealing in overseas markets. With 250 employees and a presence going back more than 20 years in Ireland, we understand the local challenges that our clients face. We combine our international and local experience to provide our clients with a proactive approach to the management of currency, interest rate management, corporate cash management and commodity exposures.
2014 has been a positive year for Investec in Ireland. We have completed the integration of the NCB business we acquired in 2012 and now offer our clients a broader range of services covering treasury, corporate finance, wealth and investment, debt finance, venture funding and institutional equity services. At a group level we have built a solid international platform with diversified revenue streams and geographic diversity. We have focussed on maintaining a strong balance sheet and sound capital and liquidity principles.
The Irish economy continues on the road to recovery, building on the progress made in 2013. The labour market, retail sales and Exchequer returns data all reflect the improving health of the domestic market. The economy has added jobs in each of the past six quarters. Consumer confidence is at a seven-year high, while retail sales have had a strong start in 2014. The public finances are running a combined €800 million ahead of target. It is broadly acknowledged that international trade will remain a key part of our continuing economic recovery. Pleasingly, it would appear that the worst of the 94 TOP 250 EXPORTERS
impact of the ‘patent cliff' on merchandise exports has passed. Industrial production and import data point to an upturn for the pharmaceutical sector. Prospects in our key export markets are more positive and favourable currency moves are providing a tailwind for exporters.
It is also evident that businesses in Ireland are bolstering sales through growth in overseas markets. The IEA's Export Ireland Survey 2013 indicated that 62% of Irish firms grew exports in 2013 with 80% of companies expecting exports to increase further in 2014.
It would also appear, looking at recent statistics, that whilst the majority of our trading activity is centred on the UK, Europe and the US, new markets are opening to Irish exporters further afield. Indeed if we look at the food and drink sector alone, the top six companies in Ireland generate over 94% of their revenue from the established markets of the UK, Europe, US and Ireland whilst less than 6% of revenue is generated from sales in the rest of the world. This would certainly seem to suggest that there are opportunities beyond the traditional markets. The Asia Trade Forum and The Latin America Trade Forum, two initiatives recently launched by the IEA, have attracted attention from Irish companies and entrepreneurs who are looking to avail of opportunities in these markets. New markets bring new challenges for companies, not least amongst them being currency management. Investec Treasury works with clients across a broad spectrum of sectors, including ICT, life sciences, and food and drink, which operate around the globe providing treasury management in foreign exchange, commodity hedging, cash services and interest rate management. We are an Irish-based treasury team that covers the island of Ireland from our head office at Harcourt St in Dublin 2. We have dedicated and experienced Relationship and Trading Managers working regionally to provide services to clients throughout Ireland. We assist our clients in managing their treasury exposures as efficiently as possible. As a specialist treasury team that is able to leverage off the resources of an international financial institution we offer clients a proactive and competitive service in a secure manner.
We place the client at the centre of all our relationships. Each of our clients has a unique TOP 250 EXPORTERS 95
treasury need and we believe it is critical for us to understand the individual exposures and risks that our clients face in dealing with these. In that way, we believe we are best placed to assist our clients in managing their exposures as efficiently as possible. We use both our domestic and international resources and experiences to their fullest in providing solutions for our clients. There are many different approaches and tools that can be used by clients and we try to make our clients aware of these and assist them in choosing the approach and tools that best suit their particular requirement. With regard to currency, exchange rates have a significant impact on the competitiveness of Irish exporters. With margins remaining under pressure, management of currency exposures remains as critical now as it ever has been. We encourage our clients to establish a realistic budget rate for their currency exposures and to focus on at least matching that rate as a base case. We are focussed on the ultimate objective of helping our clients manage the risk that dealing in foreign currencies exposes them to. By placing the client at the centre of the relationship and focusing on understanding the client's business and exposures we play a central role in helping them to meet their financial objectives. This allows us add real value for our clients. We are very keen to meet people and to tell them in more detail how we can help them and their business.
96 TOP 250 EXPORTERS
We have been members of the IEA for many years. Through our membership and our participation in the many events it hosts, we have a real appreciation of the challenges faced by the export sector. Through our work with the IEA we can see the focus that is developing on exploring new markets and, aided by Investec's global footprint, we believe that we are well placed to help Irish businesses to take advantage of the opportunities in emerging economies. We remain confident that the export sector will be a key driver in the continuing recovery of the economy. The IEA has an important role to play in supporting the sector and representing exporters. In summary, there certainly has been progress within the economy over the past 18 months. While the domestic economy has been a particular driver of this, as noted above exports remain an integral part of the overall growth story. There are, of course, still some challenges ahead for Ireland not least in terms of unemployment and the need for further deleveraging in some areas. Investec looks forward to the challenges and opportunities that the recovering global economy presents and aims to help firms in Ireland to successfully negotiate these. We look forward to working with the IEA and its members over the coming year. Philip Ahearne
Corporate Treasury Solutions, Investec Ireland
TOP 250 EXPORTERS 97
Appendix 2: Companies Top 250 ROI sorted alphabetically COMPANY NAME
€M EXPORTS
ABBOTT LABORATORIES IRELAND
ABP FOOD GROUP
ADOBE SYSTEMS SOFTWARE IRELAND
ALCAN PACKAGING DUBLIN LTD
ALCON LABORATORIES IRELAND LTD
ALKERMES PHARMA IRL
ALL-TECHNOLOGY (IRELAND) LTD
ALPS ELECTRIC (IRELAND) LTD
ALSTOM IRELAND LTD
ALTERA EUROPEAN TRADING CO LTD
AMDOCS SOFTWARE SYSTEMS LTD
AMT-SYBEX GROUP LTD
APPLE COMPUTER LTD
ARDAGH GLASS SALES LTD
ARVATO DIGITAL SERVICES
ASTELLAS IRELAND
ATHLONE EXTRUSIONS
AVAYA INTERNATIONAL SALES LTD
AVOCENT INTERNATIONAL LTD
BALLINA BEVERAGES (COCA-COLA)
BARCLAY CHEMICALS (HOLDINGS) LTD
BARD SHANNON LTD
BASF IRELAND LTD
BAUSCH & LOMB IRELAND
98 TOP 250 EXPORTERS
COMPANY NAME
€M EXPORTS
BECTON DICKINSON & COMPANY LTD
BENEX LTD
BENTLEY SOFTWARE INTERNATIONAL LTD
BIO-MEDICAL RESEARCH LTD
BIONICHE PHARMA HOLDINGS
BORD NA MONA
BOSE PRODUCTS BV
BOXMORE PLASTICS LTD
BRISTOL MYERS SQUIBB
BSC INTERNATIONAL HOLDING LTD
BUSINESS OBJECTS SOFTWARE LTD (SAP)
CADBURY IRELAND LTD
CADENCE DESIGN SYSTEMS (IRELAND) LTD
CAMERON IRELAND LTD
C&C GROUP PLC
C&F TOOLING LTD
CARBERY MILK PRODUCTS LTD
CARTON GROUP
CELESTICA IRELAND LTD
CG POWER SYSTEMS IRELAND LTD
CLONDALKIN PHARMA & HEALTHCARE
CLONMEL HEALTHCARE LTD
COILLTE TEO
CONNAUGHT ELECTRONICS LIMITED
COOK IRELAND LTD
CREATIVE LABS (IRELAND) LTD
TOP 250 EXPORTERS 99
COMPANY NAME
€M EXPORTS
CREGANNA TACTX MEDICAL
DANONE BABY NUTRITION
DAWN MEATS EXPORTS
DIALOGIC DISTRIBUTION LTD
DONEGAL MEAT PROCESSORS
DOOSAN HOLDINGS EUROPE LIMITED
DORNAN ENGINEERING LIMITED
EBAY EUROPE SERVICES LTD
ELECTRICAL & PUMP SERVICES LTD
ELEMENT SIX LTD
ELI LILLY
EMC IRELAND
EQUANT NETWORK SERVICES INTERNATIONAL
EXTREME NETWORKS IRE LTD
FACEBOOK IRELAND LIMITED
FAIR OAK FOODS (INTERNATIONAL) LTD
FERRERO IRELAND LTD
FLEXTRONICS INTERNATIONAL CORK
FOREST LABORATORIES HOLDINGS LTD
FOURNIER LABORATORIES IRELAND LTD
FREEFOAM PLASTICS LTD
FURLONG INVESTMENTS LTD
GARTNER IRELAND LIMITED
GE ENERGY (IRELAND) LTD
GE SECURITY IRELAND
GE SENSING EMEA
100 TOP 250 EXPORTERS
COMPANY NAME
€M EXPORTS
GENZYME IRELAND LTD
GLANBIA PLC
GLEN DIMPLEX
GOOGLE IRELAND LTD
GREEN ISLE FOODS LTD
GREENCORE GROUP PLC
H J HEINZ MANUFACTURING IRL
HELSINN BIREX PHARMACEUTICALS LTD
HEWLETT PACKARD
HONEYWELL MEASUREX (IRL) LTD
I B M IRELAND LTD
IAC SEARCH & MEDIA EUROPE LTD
INDEPENDENT NEWS & MEDIA
INGERSOLL RAND IRELAND
INTEC BILLING LTD
INTEL IRELAND LTD
IRISH DISTILLERS LTD
JAZZ PHARMACEUTICALS PLC
JOHNSON & JOHNSON
KCI MEDICAL RESOURCES
KELLOGG EUROPEAN TRADING
KENMARE RESOURCES PLC
KEPAK GROUP
KERRY GROUP PLC
KINGSPAN GROUP PLC
KINGSTON TECHNOLOGY INTERNATIONAL LTD
KN NETWORK SERVICES
KOSTAL IRELAND GMBH
TOP 250 EXPORTERS 101
COMPANY NAME
€M EXPORTS
L M ERICSSON LTD
LAKE REGION MEDICAL
LAKELAND DAIRIES CO-OPERATIVE SOCIETY LTD
LARGO FOODS
LEANORT LTD
LEO PHARMACEUTICAL PRODUCTS LTD
LIBERTY MEDICAL SERVICES LIMITED
LIEBHERR CONTAINER CRANES LTD
LIFFEY MEATS
LIMERICK ALUMINA REFINING LIMITED
LISHEEN MILLING LTD
LOTUS AUTOMATION (IRL)
LUFTHANSA TECHNIK AIRMOTIVE IRELAND LTD
M&J GLEESON (INVESTMENTS) LTD
MAGNA DONNELLY
MAXIM INTEGRATED PRODUCTS INTERNATIONAL
LIMITED
MCAFEE IRELAND LTD

MCDERMOTT LABORATORIES LTD
MCKESSON IRELAND LTD
MEDTRONIC VASCULAR
MENTOR GRAPHICS IRELAND
MERIT MEDICAL IRELAND LTD
MICROCHIP TECHNOLOGY IRELAND
MICROMUSE SOFTWARE IRELAND LTD
MICROS FIDELIO (IRELAND) LTD
MICROSOFT IRELAND LTD
MIRROR CONTROLS INTERNATIONAL
MISYS IRELAND LTD
MODUS MEDIA INTERNATIONAL DUBLIN
MOLEX IRELAND LTD
102 TOP 250 EXPORTERS
COMPANY NAME
€M EXPORTS
NATIONAL INSTRUMENTS IRELAND
NETGEAR INTERNATIONAL LTD
NOVARTIS RINGASKIDDY LTD
NOVELL IRELAND SOFTWARE LTD
OPENET TELECOM LIMITED
ORACLE EMEA LTD
P.C.H INTERNATIONAL LTD
PALM GLOBAL OPERATIONS LTD
PAYPAL EUROPE SERVICES
PAYZONE IRELAND LTD
PENN ENGINEERING FASTENING
PEPSI-COLA MANUFACTURING (IRELAND)
PERRIGO (FORMERLY ELAN PHARMACEUTICALS)
PHILIPS ELECTRONICS IRL
PINEWOOD LABORATORIES LTD
PRAMERICA SYSTEMS IRELAND LTD
PREMIER PERICLASE LTD
PROCTER & GAMBLE (MANUFACTURING) IRELAND LTD
PROJECT MANAGEMENT HOLDINGS
RECORDATI IRELAND LTD
RED HAT LIMITED
RENISHAW (IRELAND) LIMITED
RICHARD KEENAN HOLDINGS LTD
ROCHE PRODUCTS IRELAND LTD
ROSDERRA IRISH MEATS
TOP 250 EXPORTERS 103
COMPANY NAME
€M EXPORTS
SANDISK INTERNATIONAL LTD
SANOFI AVENTIS
SCHNEIDER ELECTRIC IT LOGISTICS
SCIENTIFIC GAMES WORLDWIDE LTD
SENNHEISER CONSUMER ELECTRONICS
SENSORMATIC EUROPEAN DISTRIBUTION
SERCOM SOLUTIONS LIMITED
SERVIER (IRELAND) INDUSTRIES LTD
SHIRE PHARMACEUTICALS IRELAND
SLANEY FOODS INTERNATIONAL
SMARTPLY EUROPE LTD
SMURFIT KAPPA GROUP
STIEFEL LABORATORIES (IRELAND) LTD
STRATUS TECHNOLOGIES IRELAND LIMITED
STRYKER IRELAND LTD
SULZER PUMP SOLUTIONS IRELAND LIMITED
SYMANTEC LTD
SYNOPSYS IRELAND LTD
TAKEDA IRELAND LTD
TARA MINES HOLDINGS LTD
TECH GROUP EUROPE LTD
TELEFLEX MEDICAL EUROPE LIMITED
TERADATA IRELAND LIMITED
THE HAMMOND LANE METAL COMPANY, LTD
THE IRISH DAIRY BOARD CO-OPERATIVE LTD
THERMO KING IRELAND LTD
104 TOP 250 EXPORTERS
COMPANY NAME
€M EXPORTS
TIPPERARY CO-OPERATIVE CREAMERY LTD
TORNIER ORTHOPEDICS IRELAND
TOTAL PRODUCE PLC
TOWN OF MONAGHAN CO-OP
TRANSITIONS OPTICAL LTD
TREND MICRO (EMEA) LTD
TRI SUPPLY LTD
TRINITY BIOTECH PLC
UCB MANUFACTURING IRELAND LIMITED
VALEO FOODS
VCE TECHNOLOGY SOLUTIONS LTD
VMWARE INTERNATIONAL LTD
VOLEX EUROPE LTD
VWR INTERNATIONAL LTD
WARNER CHILCOTT PLC
WELLMAN INTERNATIONAL LTD
YAHOO EMEA
ZEUS PACKAGING GROUP LIMITED
ZIMMER ORTHOPEDICS MANUFACTURING LIMITED
ZYNGA GAME IRELAND LIMITED
TOP 250 EXPORTERS 105
IEA Ad 2014.pdf 1 11/06/2014 12:25 Join the Irish Exporters Association today
With membership starting from only €390 + VAT
The Irish Exporters Association is the premier organisation
supporting those trading internationally.
For over 60 years, the IEA has been assisting companies in managing
their global export affairs effectively and efficiently.
The Irish Exporters Association can help your company in three key ways:
1. Connectivity
Introducing your company to relevant key contacts in overseas markets, providing
connections to other Irish Exporters and linking your company to dedicated service
providers who support Ireland's exporting community.

2. Knowledge
On matters relating to export compliance, while improving your company's export
excellence through a range of seminars and briefings. Dedicated customs training
for your staff at reduced member rates.

3. Voice
Lobbying effectively for your business and promoting Ireland as a competitive trade
location. Liaising with Government, policy makers, key stakeholders, on your behalf
to solve queries and issues which affect export activity.

Take advantage of the range of market and industry subgroups within the IEA
Asia Trade Forum
Life Sciences Ireland
Africa Trade Forum
Food & Drink
Latin America Trade Forum
ICT, Services & Manufacturing
iCham Central CEE
Logistics & Supply Chain
Arrange a meeting with the Membership Development Manager to understand how your company can grow
sales in international markets and reduce costs associated with export trade.
Join today by completing the online registration form at
Contact the IEA on (01) 6629069 or email [email protected]

Source: https://www.investec.ie/content/dam/investec/investec.ie/documents/IEA%20folder/Top%20250%20Final%202014.pdf

athos.charite.de

bei Atemwegserkrankungen Ein Projekt der Charité - Universitätsmedizin Berlin im Rahmen des Deutschen Zentrums für Infektionsforschung, gefördert durch das Bundesministerium für Bildung und Forschung. Sehr geehrte Patientin, sehr geehrter Patient, im April 2014 veröffentlichte die Weltgesundheits- Bei über 80 Prozent der (unkomplizierten)

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