20/12/2002

Jobs axe falls at Cork plant

Up to 160 jobs could be lost in Youghal in Cork after Artesyn Technologies announced a series of global "cost reduction initiatives".

As part of the move, the company's manufacturing facility in Cork will closed, as well as additional headcount reductions elsewhere. When fully implemented, these and other actions are designed to produce approximately $35 million in annual cost savings.

The Youghal, Ireland facility is primarily engaged in manufacturing power supplies for the telecommunications market. Closure of the facility is expected to be complete by September 2003, with affected production moved to the company's lower-cost manufacturing locations in Hungary and China. Approximately 160 employees will be impacted by this action.

The company says it will continue to maintain an engineering and customer support centre in Ireland to support the sale and design of products for the telecommunications market.

Included in these initiatives is a streamlining of the company's commercial, manufacturing and administrative staff functions globally. Artesyn will have approximately 4,300 employees remaining.

"Since the beginning of the market slowdown, we have implemented a series of initiatives to improve the financial and competitive position of the company," said Artesyn's President and CEO, Joseph M. O'Donnell.

"These actions are the next step in that process, as we shift our focus from a cash strategy to a cash and break-even focus. Our objective is to ensure that Artesyn is well positioned to benefit from the rebound in our end-markets.

"We believe these actions are some of the final building blocks in helping us reach this goal," continued O'Donnell. "

Artesyn Technologies, headquartered in Boca Raton, Florida, is a leading provider of advanced power conversion equipment and real-time subsystems to the communications industry.

(GMcG)

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