OHIO TOOLMAKER SGS Tools has announced it will create 50 jobs in Shannon Free Zone.

The jobs, at an Irish base Melcut Cutting Tools Ltd, were announced yesterday by the Minister for Enterprise, Trade and Employment Mary Coughlan, who was in Shannon to celebrate Shannon Development’s 50th anniversary.

Ms Coughlan also announced that Shannon Development recorded 576 new jobs in the Shannon Free Zone last year, a net gain of 108 jobs.

The Minister described the results as “first class”.

“Sales from companies in the Shannon Free Zone generated €3.5 billion and that is 10 per cent growth on the previous year. RD expenditure increased also by 10 per cent to €44 million.”

The company’s end-of-year statement said the jobs performance in the free zone was “a significant result in the current economic downturn”.

“Future job prospects look bright, with Shannon Free Zone on target to deliver further job announcements in 2009.”

Ms Coughlan said Shannon Development was pursuing a master plan for the Shannon Free Zone. When implemented this was expected to result in large-scale development of offices, laboratories and factories.

The agency’s chief executive, Dr Vincent Cunnane, announced yesterday that he had initiated a restructuring of the company to ensure a reinvigoration of all activities.

He said part of the restructuring involved the creation of a vice-chief executive role, to which the agency’s tourism director John King had been appointed.