Boston Scientific pours more money into Ireland, this time for Stryker | On Call

October 14, 2011 by MassDevice staff

Boston Scientific seeks permission to add a $41 million manufacturing facility to its Irish campus to house the neurovascular unit that Stryker purchased earlier this year.

MassDevice On Call

MASSDEVICE ON CALL —Boston Scientific Corp. (NYSE:BSX) began seeking approval for a $41 building project in Ireland to house the neurovascular unit it sold to Stryker Corp. (NYSE:SYK) earlier this year.

The 100,000 square foot facility will live on Boston Scientific's Cork, Ireland, campus but will be operated by Stryker, and some 600 local BSX employees will transfer to the new facility when it's ready.

Stryker picked up BSX's neurovascular unit for $1.5 billion early this year, a price that analysts called a "pretty impressive valuation for an underperforming asset."

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In August Boston Scientific set aside $37 million for research & development at another of its Irish facilities in Clonmel. The company landed in Ireland in 1994 and is now one of the country's largest employers, with about 5,000 employees.

The med-tech leviathan has two start-up businesses it plans to move into the space left behind by the neurovascular unit, RTE News reported.

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