Two foreign companies based in Cork will create 420 jobs over the next five years in investments worth £52 million (€66.03 million).

Announcing the new jobs, the Tanaiste and Minister for Enterprise, Trade and Employment, Ms Harney, said Millipore Ireland BV would invest £17 million at its existing plant at Carrigtwohill, creating 220 new jobs in addition to the 270 already established there.

The company is expanding its existing production facilities for filtration devices used in a specialist segment of the healthcare diagnostic industry. It was established in 1998.

A further £35 million is to be invested by Stryker Howmedica Osteonics in its Carrigtwohill plant, creating 200 jobs. Stryker has two facilities at Carrigtwohill where 135 people are employed. The company has been operating in the area since 1998.

Ms Harney said: "These investments are in line with Government policy of deepening the roots and adding more value in the Irish economy of well established overseas companies.

"Both expansions involve the introduction of key new technologies and processes to the Cork operations, which will result in them becoming very significant players in their parent companies global manufacturing strategies.

"A key element of Government strategy, working through IDA Ireland, is to work with overseas companies already here to encourage and assist them in moving their Irish facilities up the value chain to provide higher quality, higher paid employment. This strategy strengthens the sustainability of the Irish operation and enhances its value to both the local economy where it is located and to the national economy." Millipore is quoted on the New York Stock Exchange and employs 5,000 people worldwide. Established in 1954, it has manufacturing facilities in the US, Puerto Rico, Japan and France.

Last year it had sales of £700 million.

Stryker Corporation, with headquarters at Kalamazoo, Michigan, is one of the leading publicly quoted healthcare companies in the world and employs more than 12,000 people.