The Taoiseach and the Minister for Jobs have announced plans for the new West Pharmaceutical plant in the city.
Work will begin early next year on the new plant, which will be based on the Old Kilmeaden Road in Waterford.
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100 jobs will also be created during the construction phase.
Enda Kenny says this week has seen positive news on the jobs front.
“This follows on the announcements yesterday of over 500 jobs between Dublin and Limerick – but clearly this building on the strong record in the meditech and the pharma sector and it's a key objective of government actually” he said.
