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Facebook to quadruple size of Dublin international headquarters

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11/08/2018 | 07:47am EDT
FILE PHOTO: A Facebook sign is seen during the China International Import Expo (CIIE), at the National Exhibition and Convention Center in Shanghai

DUBLIN (Reuters) - Facebook has taken on a long-term lease in Dublin which will quadruple the floor space at its international headquarters and allow the company to more than double its current staff of over 4,000.

Facebook said on Thursday the expansion would provide enough space for another 5,000 employees. Such an increase would make the U.S. company one of the largest multinational employers in Ireland next to the likes of Google and Apple, which each employ over 6,000 people around the country.

The social media company runs a number of global and regional teams across three office buildings in Dublin where it employs engineers, legal professionals, marketing and sales staff.

"We're investing here for the long term," Gareth Lambe, Head of Facebook Ireland said in a statement.

"This significant investment in a 14-acre campus with capacity for thousands more employees demonstrates our commitment to Ireland, our desire to grow our business here and continue to contribute to the economy."

Irish Business Minister Heather Humphreys said the expansion represented a huge vote of confidence in Ireland, which aided by low corporate tax rates, counts foreign mulinationals like Facebook for around one-in-ten jobs in the fast-growing economy.

By acquiring the lease, Facebook is taking over the headquarters of Allied Irish Banks, which said previously it was moving from its offices near Dublin's technology quarter.

(Reporting by Padraic Halpin. Editing by Jane Merriman)

Stocks mentioned in the article
ChangeLast1st jan.
ALLIED IRISH BANK -2.18% 3.772 Delayed Quote.2.50%
ALPHABET -2.30% 1207.65 Delayed Quote.15.57%
APPLE -2.07% 191.05 Delayed Quote.21.12%
FACEBOOK -1.05% 164.34 Delayed Quote.25.36%
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EBIT 2019 62 765 M
Net income 2019 53 048 M
Finance 2019 103 B
Yield 2019 1,61%
P/E ratio 2019 16,76
P/E ratio 2020 14,99
EV / Sales 2019 3,13x
EV / Sales 2020 3,08x
Capitalization 901 B
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Timothy Donald Cook Chief Executive Officer & Director
Arthur D. Levinson Chairman
Jeffrey E. Williams Chief Operating Officer
Luca Maestri Chief Financial Officer & Senior Vice President
Kevin M. Lynch Vice President-Technology
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