A Japanese pharmaceutical company in east Cork announced yesterday that it is to close with the loss of almost 100 jobs.
In a statement released yesterday the board of Mitsui Mining & Smelting Co Ltd., Tokyo, said it had decided to cease manufacturing at Little Island and to close the Mitsui Denman (Ireland) plant in the coming weeks.
The announcement came as a shock to the 92 employees at the Cork plant - which manufactures chemicals used to make batteries - who were told of the decision by company chairman and managing director, Mr Robin Gill.
According to a statement, the company is in "an irreversible loss-making situation", and, it added, the radical change in the market and a weaker US dollar had an adverse effect on its position. It also cited increased competition from the Far East and the growth of private label brands and rechargeable batteries as other factors which affected the plant's viability.
The plant - which has been in full production on a 24-hour basis over the last 27 years - is expected to wind up its operations in September.
While the company said its decision did not reflect the "excellent efforts of management and employees to deal with market-place realities", its employees were yesterday said to be shocked at the announcement. "The closure is a devastating blow to workers. It came as a great shock to most workers down there and obviously they are very upset at the news. They're also very worried about their futures," SIPTU spokeswoman Ms Suzanne Mullins said.