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16/05/2008
Cork Electronics Firm Closure Sees 138 Job Losses
More than 130 people have been told they are to lose their jobs as a Cork electronics company has announced its closure.
Hormann Electronics, in Blackrock, Cork city, was established over 30 years ago. It was a cutting-edge company at the time it was first set up. However, the work - assembling and testing printed circuit boards - is being done for a fraction of the cost in other countries.
Joint Receivers from David Gilbert and Laim Dowdall of BDO Simpson Xavier were appointed to the company last week, after it fell into financial difficulty.
"We have conducted an immediate review of the business and it is with real regret that it has been necessary to close the business with the loss of 138 jobs," Mr Dowell said.
Staff were given the devastating news today at 11am - 117 will lose their jobs today, while the remaining 21 will continue to work until the end of the month.
(JM)
Hormann Electronics, in Blackrock, Cork city, was established over 30 years ago. It was a cutting-edge company at the time it was first set up. However, the work - assembling and testing printed circuit boards - is being done for a fraction of the cost in other countries.
Joint Receivers from David Gilbert and Laim Dowdall of BDO Simpson Xavier were appointed to the company last week, after it fell into financial difficulty.
"We have conducted an immediate review of the business and it is with real regret that it has been necessary to close the business with the loss of 138 jobs," Mr Dowell said.
Staff were given the devastating news today at 11am - 117 will lose their jobs today, while the remaining 21 will continue to work until the end of the month.
(JM)
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