The future of close to 350 jobs at pharmaceutical group Antigen remained unclear last night following the appointment of an examiner at the group.
The Roscrea-based company said it had sought the appointment of the examiner in order to protect the interests of suppliers, customers and employees as it seeks a number of new investors.
It said the action was necessary to offset temporary trading and subsequent cash-flow difficulties caused by unforeseen delays in completing a major upgrade of its production facilities. The delay of six months in completing the upgrade programme meant the company was without production facilities for nine months, with a consequent loss of earnings.
It is understood that the delay was due to an underestimation as to the scale of the upgrade and the length of time it would take. The company resumed production last month.
"The recent difficulties were specific and non-recurring," said Mr Padraic Marrinan, chief executive of Antigen. "This company has a strong market reputation and has a track record of consistent growth in annual sales and profits. We had provided in advance for the anticipated shortfall in production.
"Despite the extended break we have had strong continuing support from our customer base and market demand remains strong for the company's products across all sectors."
Antigen produces and markets small volume glass ampoule products for 30 markets worldwide. In addition to marketing its own range of products, it also manufactures on behalf of international pharmaceutical houses.
Mr Marrinan said there has been "significant interest" from investors in the company. "Active discussions are currently ongoing with a number of major parties with a view to securing the long-term future of the business," he said.
The plan to find new owners pre-dated the upgrade, which was part of the process of preparing the company for sale, the company said.
Unions at the company were taken by surprise by the announcement that the company was seeking an examiner. It is understood the company had not discussed the situation during routine meetings with unions last Friday. Around 150 workers were laid off from the company at various times over the nine-month upgrade.
SIPTU, which represents most of the Antigen workers, said it was concerned about the situation and was seeking a meeting with management.
"Tipperary cannot face another employment blow," said Mr Michael Long, Limerick branch secretary. "The chances of IDA Ireland getting a replacement industry are slim. There has been little industrial development in Tipperary in the past few years despite the Celtic Tiger."
The court protection extends for a period of 70 days, which can be extended by a further 30 days.
