Profits at Stryker Ireland increase 30% to €58.6m. Stryker Ireland is our FDI of the Month for November.
Stryker Ireland, the Cork-based company which manufactures medical and surgical instruments and orthopaedic implants for use in the healthcare industry and the provision of services to other group companies, has reported an increase of 30% in pre-tax profits last year to €58.6m.
The company has increased its workforce to deal with increased production while directors state that during 2022, revenues and operating costs increased by 34% due to continued increase in demand.
The directors state that “during the year, lockdowns and travel restrictions pertaining to Covid-19 were lifted by the Government, which normalised the operations of the company and supported the continued growth of the business”.
They state that this contributed to the increase in earnings before interest tax depreciation and amortisation (EBITDA) and pre-tax profit by 25% and 30% respectively.
Cork is Stryker’s biggest innovation and manufacturing hub outside of our U.S. headquarters.
Stryker began operations in Cork in 1998 with 20 employees and one site. Today, their Cork facilities employ over 4,100 people across six sites, in R&D and manufacturing, and it is home to Stryker’s European operations leadership with many global programs led from Cork.
Read More FDI Of The Month
September 2023: Dell Technologies