Talks between union representatives, liquidators and management at the Iralco plant in Westmeath have been adjourned until tomorrow morning as efforts continue to save some of the 420 jobs at the operation.
ATGWU-Unite representatives are calling for the plant to be reopened immediately, to allow it to fulfill existing orders and make it a more attractive operation to potential buyers.
"We will be seeking the reopening of the plant with immediate effect so as to give everybody a chance to fulfil existing orders and examine the future viability of the company," said Unite national officer John Bolger.
"Our aim is to minimise job losses and to encourage others to invest in the plant. The Iralco workforce puts 8 million into the local economy and that is a dreadful hit to take. Wages stand at roughly 40 per cent of turnover, so with a full order book the company should be attractive if it is sold as a going concern. That is what we will be stressing to the liquidators tomorrow morning."
The company is believed to be meeting its customers this afternoon to see if it is possible to meet the orders. If successful, union representatives speculated that the plant could be reopened as soon as tomorrow.
"I believe it's in the company's interests and certainly in the liquidators' interests," said Mr Bolger.
However, the union warned that the long-term future for the plant was more grave.
"The union will do everything in its power to to get people back into work," Mr Bolger added.
Based in Collinstown, the Iraclo plant is one of the biggest employers in the midlands area. Staff were told yesterday it was to close due to the high cost of doing business. Two liquidators, John McStay and Tom Rogers, have been appointed by the High Court to wind up the company.
Iralco's board of directors said in a statement the company had been in financial trouble for some time. It had struggled in recent years to pay wage increases under the Sustaining Progress national agreement and its successor Towards 2016.
Iralco was set up in 1964 by Franz Pohl, a German entrepreneur. At one stage it employed 900 people and its customers are some of Europe's best-known car manufacturers, including Audi, BMW, Ford, Seat, Volvo and Jaguar.
This is the third major job losses in the midlands in recent weeks, coming on top of the loss of 66 jobs in Kimball Electronics in Longford and 100 at Nexans in Athlone.
In the wake of the job losses, the Irish Rural Link (IRL), which campaigns for sustainable rural communities, has called on the Government to develop regional strategies for competitiveness and innovation. Chief executive Seamus Boland said the strategies were needed to use local assets and workforce, attract investment, ensure that businesse have access to R&D and to attract a high-quality workforce.
"We will only ensure the long term sustainability of industry in more rural areas when we accept that our regions have greatly different competitiveness and innovation needs and devise appropriate regional solutions," he said.