Hormann Electronics has made 138 staff redundant at its Cork facility. This is a blow to Cork and the IT/Electronics sector in the region. For more on this story ….
There has been much speculation in the last few weeks about Waterford Wedgewood in Waterford. The company has made a plea to the government for a dig out to help save the company. The plea has been for 39m loans for a 3 year period. This would provide financial support to a company expected to make 100m euro losses for the financial year to March 2008.
The company is in the process of reducing its staff by 490 and these loans would help secure the remaining 550 jobs at the factory. The question is how long Waterford Wedgewood can fight a poor exchange rate scenario. The US is a huge market for them and the weakened dollar is showing no sign of improving and if anything it could get weaker.
This situation raises the whole question of government intervention. I would not like to see anyone lose their job so would be in favour of any initiatives to prevent this. Should the government have to do this? Some wealthy people have interests in the company and they could certainly afford 39m. If the government intervenes what about other companies in the future BUT what about all those who lost their jobs in the last 12 months?
Great news for Waterford with the announcement of 270 new jobs between two Biotechnology firms in the region. Genzyme will invest eur130 million at its plant in Waterford creating 170 jobs and Lancaster Laboratories will increase by 100 employees at its Dungarvan plant.
Genzyme has been situated in Ireland since 2001 and currently employs 400 staff in Waterford. It is a major player in the Biotech Sector ranking 3rd in the world. Ireland is one of forty countries it operates in.
Lancaster Laboratories acquired Microchem Laboratories in 2007. The company employs 100 staff in Ireland so these new jobs will see the workforce double. Lancaster Laboratories Europe offers chemical, micro and environmental analysis services to medical and pharmaceutical companies in Europe and Asia.
These announcements are further confirmation of Irelands standing in the Global Biotechnology and Pharmaceutical sectors. In times when most industries are shaky in Ireland the Biotech/Pharmaceutical seems to remain buoyant.
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Seven companies in Limerick and five companies in Galway are to create more than 200 jobs in the regions.
The seven companies in Limerick currently employ 42 and will create an additional 115 over the next 3 years. The firms include; You Book In, Crescent Diagnostics, Broker Episensor, Kneat Solutions, Stokes Bio and Biotechnology Solutions.
The five firms in Galway currently employ 21 and will add another 55 new jobs to this figure. The companies in Galway include; Chipright, TradeCert, Digital Services, Gaelstorm Software Solutions and Embricon.
The Minister of Enterprise, Trade and Employment Micheal Martin did not do his figure before this announcement as 115 + 55 = 170. But we will let him off as he has other things on his mind!!
Microprint announced the closure of its plant in Tallaght with the loss of 130 jobs. Jacobs announced job losses of 230 in Tallaght last month so this is a double blow to the region.
On the positive side Teva Pharmaceutical announced the creation of 165 jobs at its Waterford site. They currently employ 650 in Waterford.
It seems that most manufacturing is heading for the exit door except in the Pharmaceutical sector. Having said this it has not been all roses for the sector. In 2007 Pfizer announce job cutting but a bigger blow was the postponement of the Amgen investment indefinitely.
I would still say that the Pharmaceutical sector is still one of the safe bets for jobseekers in Ireland. However who knows they way things are changing in this country.
I wrote yesterday about the great news released that PAYE workers had reclaimed 1.5bn in tax over the last 4 years BUT guess what!! Abuse and health scandals have just wiped this out. When you sit the cost of the Tribunals on top of this we are actually worse off.
So any good jobs news stories today?
FINANCIAL SERVICES – Cork was once known for its strong Pharmaceutical Sector (and GAA strikes) BUT now it seems that it is building its own little IFSC. Citco has announced that it is creating 150 new jobs. The company already employs 145 in Cork. The majority of the new roles will require 3rd level business/accountancy. Ireland is now has over 40 companies employing over 9000 staff in the funds administration sector.
INFORMATION TECHNOLOGY (IT) - More than half of senior technology executives are confident about the sector in 2008. Many see increases in employment in the sector. Over half believe that it is getting difficult to recruit IT staff.
120 jobs lost at Sercom Solutions and 35 Jobs lost at American Power Conversion
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