Enterprise Ireland has announced that a number of its scaling client companies are on track to achieve €100 million sales by 2010.

A further 19 Enterprise Ireland scaling client companies surpassed thresholds of €10m, €15m and €20m in global sales last year.

Developing a cadre of large indigenous companies, which compete as significant players worldwide, is recognised as a key target in supporting the growth of the Irish economy.

As part of its three-year strategy Transforming Irish Industry 2004-2007, Enterprise Ireland established a dedicated scaling division that works with eligible client companies to grow them to a scale capable of competing more aggressively in international markets. This is a pioneering initiative in international enterprise support terms and is central to accelerating the longer-term growth and development of Irish exports.

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Outlining the results, Head of Enterprise Ireland’s Scaling Division, Patricia McLister said: “At no other time has the future of the economy depended so heavily on the performance of indigenous companies. Developing a solid base of Irish multinationals is a key element in Ireland’s continued economic growth.

"Progress to date in Enterprise Ireland’s scaling strategy is highly encouraging with a number of strong players emerging as internationally regarded leaders in their end markets. We are delighted to see our clients progress in achieving these ambitious global sales targets."

Acquisition as a strategic growth option has surfaced in more than 50 per cent of scaling companied. To date, these companies have executed more than 20 acquisitions across the global markets.

Furthermore. 13 of these companies invested at least €2m on significant R&D and a total of eight major Enterprise Ireland investments also took place with client scaling companies during the year.

Mr McLister concluded: "As we move into the final year of our current strategy, Enterprise Ireland will continue to work intensively with its clients to accelerate their growth and develop a cohort of mid-sized large-scale Irish international companies that will have significant positive impact on the growth of the Irish economy."

(JM/SP)