Reagecon announces 40 new jobs and plans for €50m in annual exports
Shannon-based Reagecon, which produces physical and chemical standards, has announced the creation of 40 new jobs and has set a target for €50m in annual export revenues by 2020.
Founded in Shannon in 1990, the Irish-owned company develops, manufactures and exports physical and chemical standards and reagents for laboratories worldwide.
The products are developed and manufactured in Shannon and sold through distributors in 150 countries and directly to end users in Ireland and China through Reagecon’s sales offices in Shannon and Shanghai.
The company’s managing director and chairman, John Barron, said the new jobs are part of “an ambitious programme of scaling”.
Fifteen of the 40 jobs – all chemist positions – have been filled and the other 25 will come on stream over the next two years.
The company currently operates out of a 64,000 sq ft facility in Shannon and employs 86 people, over half of whom are scientists.
“Since the beginning of 2011, we have developed a major pipeline of new products and we now have a broader and more comprehensive range of physical and chemical standards than any other producer worldwide,” said Barron. “An investment of more than €3m in our R&D capability has further enabled us to grow our marketable product range and diversity and as a result, expand our global customer footprint.”
Reagecon was founded by Barron and three others and initially specialised in the development of electrical conductivity standards. In 2011, John and Brigid Barron bought out the other co-founders and began an R&D programme.
“This process has been transformational and combined with a clear vision and strategy, we have developed over 5,000 new products covering 21 product ranges targeted at several new market niches,” said Barron.
“Since 2011, the new product development continues to yield a massive output of patentable inventions, innovations, features and benefits that confers significant competitive advantage over our competitors.’’
He said the company will spend a further €4m on R&D between this year and next.
“We have been very lucky with the product development areas we have selected, the high calibre of management and staff that work with us and the support we continue to receive from our stakeholders EI and Ulster Bank.”
“For a company like ours with unlimited ambition to scale, the ecosystem in terms of grant supports and tax credits is very attractive here in Ireland at the moment and we have a pipeline of new projects planned that will bring us up to 2020 and generate revenues of €50m.”
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