More than 300 jobs are to be created at a Co Donegal medical plant by 2020.

The Government has approved an investment by Údarás na Gaeltachta of €5 million research and development grant assistance to be paid over a period of five years to Randox Teo in Dungloe.

The investment will progress the company’s strategy for biochip technology and diagnostic equipment, as envisaged under the company’s plan entitled Dungloe 2020.

The investment will lead to the creation of 450 jobs by the end of 2020, with 125 people being employed at the plant by the end of this year. The company currently employs 85 people.

Randox Teo was established in 2008 in Dungloe. It is part of the global group, Randox Holdings Ltd, which is among the top 20 biochemical diagnostic companies in the world and is a global brand with products being sold in over 145 countries.