“Universal Display Corporation (Nasdaq: OLED) (UDC) and PPG’s (NYSE: PPG) arrival in Shannon and the decision to invest an initial €10million in the new Shannon Free Zone facility is the perfect example of re-purposing facilities designed for another use to generate new, knowledge-based business and investment in Shannon,” said Shannon Chamber CEO Helen Downes in welcoming today’s announcement.

Acknowledging the fact that this initial investment will generate subsequent multimillion-euro expenditures and multiyear, multiphase expansions of the site, to facilitate the production of energy-efficient phosphorescent OLED materials, Ms Downes added: “An investment of this calibre has a massive knock-on effect for other businesses; we cannot underestimate the value of this. 

“It will greatly assist IDA Ireland in the trojan work it is doing to add to the 156 foreign direct companies that have already chosen to locate in the Mid-West region. It will encourage companies and people to consider Shannon and the Mid-West region as a place to relocate to. There is a significant amount of investment being made in communities and in developing cities, which is exciting, as it is attracting people back to rural locations where they can enjoy a work-life balance. 

“Investments of this nature, linked to progressive technologies, act as a beacon to students in secondary schools and universities to consider careers in diverse sectors.  Shannon and the Mid-West region continue to attract investment of this calibre, which reflects on what we offer as a region, and the pipeline of talent available to companies.

“Given the sustainability benefits accruing to OLED materials and technologies, Shannon Chamber looks forward to working with Gerry Cahill and the team in Shannon, via our newly formed Sustainability Forum, to showcase the benefits this technology delivers to the consumer electronics industry, and to consumers.” added Ms Downes.