Analog Devices announces 50 million euro R&D investment and creates 100 jobs over 5 years

Limerick has long been a strategic part of our global operations. This new investment demonstrates how well regarded the Irish team is internationally and will help to further strengthen the strategic nature of the Irish operations in our evolving R&D network. I would like to thank the Irish Government and its agencies—specifically IDA Ireland—for its continued commitment and support for our growth and expansion plans.

Jerald Fishman, President and CEO, Analog Devices

Limerick, Ireland, July 20, 2011 - Analog Devices, Inc. (ADI), a global leader in high-performance semiconductors for signal processing applications and the world leader in data conversion technology, today announced that it will embark on a 50 million euro R&D (research and development) investment programme at its campus in Raheen, Co. Limerick. The investment announcement was made today at a press conference in Limerick by Jerald G. Fishman, President and CEO, Analog Devices, with Minister for Jobs, Enterprise and Innovation, Richard Bruton T.D. and Minister for Finance, Michael Noonan T.D.

The investment programme focuses on the expansion of ADI’s robust R&D capabilities in Limerick and is supported by the Irish Government through IDA Ireland. Over the next five years, the programme is expected to result in the creation of approximately 100 high-skilled jobs, such as positions in integrated circuit design and applications engineering.  A 140,000-square-foot R&D centre, including specialized laboratory space, will be constructed as part of this investment.  Today’s announcement builds on the €23 million investment in Ireland made by ADI in June 2010 as part of a manufacturing expansion programme.  

ADI has been operating in Ireland for 35 years and currently employs over 1,000 people in Limerick, which is home to ADI’s European-based semiconductor wafer manufacturing facility and R&D for analog technologies, including industry-leading data converters, as well as mixed-signal and RF (radio frequency) integrated circuits.  ADI's operation in Ireland has a well-established record for engineering innovation and discovery, as evidenced by the 287 U.S. patents granted to ADI inventors based in Ireland, which is nearly 20% of the total U.S. patents held by the company.
 
Through this investment, ADI will create highly skilled research, engineering, and development roles within the product, design, test, marketing and applications fields. The new jobs expected as part of this investment will cross the spectrum of these roles, serving the global markets of automotive, healthcare, industrial automation and communications. 

Welcoming the announcement, Mr. Richard Bruton, T.D., Minister for Jobs, Enterprise and Innovation said, “If Ireland is to achieve the jobs it so badly needs, we must not only continue to attract multinational investments, but we must also ensure where possible that these investments bring R&D and high-value jobs to our economy.  Not only does this create crucial jobs, but it also creates substantial spin-off benefits to Irish businesses and researchers and ultimately to the economy. Today’s announcement that Analog Devices is building on its long-standing commitment to the Mid-West with the expected creation of 100 high-value R&D jobs is great news. I am determined that this government will do everything we can to ensure that today’s announcement can be replicated across the economy in the coming years.”

Commenting on the significance of the announcement, Mr. Michael Noonan, T.D. Minister for Finance said, “This investment is a further boost for the economy in the Mid-West and is an example of the continued commitment by our multinational partners to Ireland. Analog Devices’ choice of Limerick for this investment underscores the excellent skill set available in Ireland, the strong track record of innovation in the region and the calibre and seniority of ADI’s management team based here. We are delighted to see Analog Devices continue to deepen its roots here in Limerick.”

Speaking at the press conference, Mr. Jerald Fishman, President and CEO, Analog Devices said, “I am delighted to announce our decision to make a further investment in our Irish operations. The contributions of our Limerick-based team over the past 35 years guided our decision to build a dedicated R&D facility here in Ireland.  Innovation is at the heart of everything that we do, and our Irish team is playing a key role in charting our course for the future.”

Fishman continued, “Limerick has long been a strategic part of our global operations. This new investment demonstrates how well regarded the Irish team is internationally and will help to further strengthen the strategic nature of the Irish operations in our evolving R&D network. I would like to thank the Irish Government and its agencies—specifically IDA Ireland—for its continued commitment and support for our growth and expansion plans.”

Barry O’Leary, CEO of IDA Ireland said, “Analog Devices is one of the most significant employers in the Mid-West region and its advanced manufacturing and R&D operations are highly regarded. Throughout the company’s history in Ireland it has been a key contributor to the local and national economy. I am delighted that IDA is supporting the project and look forward to continuing our excellent relationship with Analog Devices. The expected creation of 100 new R&D roles is very welcome and will add to the strategic status of Limerick within the corporation. Furthermore, the planned construction of the new 140,000-square-foot R&D centre is a welcome boost to the Irish construction industry.”

About Analog Devices
Innovation, performance, and excellence are the cultural pillars on which Analog Devices has built one of the longest standing, highest growth companies within the technology sector.  Acknowledged industry-wide as the world leader in data conversion and signal conditioning technology, Analog Devices serves over 60,000 customers, representing virtually all types of electronic equipment. Analog Devices is headquartered in Norwood, Massachusetts, in the U.S. with design and manufacturing facilities throughout the world. Analog Devices is included in the S&P 500 Index.


Editor’s Contact Information:
For Analog Devices in Ireland : Angie Kinane /Claire McGovern, Q4PR ph:+353 1 475 1444 / +353 87 8126249 / +353 85 1564924
angie@q4pr.ie
Press outside of Ireland: Linda Kincaid, Analog Devices, US
Ph:  781-937-1472/ 978-828-1245
linda.kincaid@analog.com
For the IDA: Antoinette Tyrrell|Press and PR Executive
Tel:  +353 1 6034256|Mobile:  +353 87 7572053


Statements contained in this press release that are not purely historical are “forward-looking statements” for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These forward looking statements address a variety of subjects including, for example, our expected investment in an R&D center in Ireland and the expected benefits and jobs to be created.  Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. The statements contained in this release are not guarantees of future performance, are inherently uncertain and involve certain risks, uncertainties, and assumptions that are difficult to predict. No assurances can be given that our assumptions or expectations will prove to be correct, and actual outcomes and results may differ materially from what is expressed in such forward-looking statements. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described or implied in these forward-looking statements: business or economic conditions may worsen, resulting in a delay or cancelation of our plans to construct the R&D center; as well as the possibility that expected benefits related to the investment may not materialize as expected. For additional information about factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to ADI’s filings with the Securities and Exchange Commission, including the risk factors contained in ADI’s most recent Annual Report on Form 10-Q.   Such statements should not be relied upon as representing Analog Devices’ expectations or beliefs as of any date subsequent to the date of this press release.  Any forward-looking statements represent our estimates only as of today and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates change.