Seagate Will Repay Millions: Dodds

The Assembly Executive has promised to claw back some of the millions of taxpayers' money invested in the ill-fated Seagate factory.

The American-based electronics company, which has announced it was closing its Limavady factory with the loss of more than 900 jobs, received more than £12m from Invest Northern Ireland and its predecessor IDB since 2001.

Department of Enterprise, Trade and Investment Minister Nigel Dodds said that a significant proportion of that Government investment would be returned.

"There are claw-back arrangements in place which will be fully utilised," he said.

"We are not yet sure of the exact figures, but this is something that will be worked through.

"I can assure you claw-back arrangements will be implemented in respect to Seagate as they would be with any other type of investment. I've no reason to doubt that money will be recovered,” he said.

Mr Dodds said it was important to remember that Seagate was still maintaining a major presence in Northern Ireland at its Springtown plant in Londonderry,"

Much of the work currently undertaken in the plant will now be transferred to Seagate's new premises in Malaysia, where labour costs are substantially cheaper than in the Province.


Related Northern Ireland News Stories
Click here for the latest headlines.

02 September 2021
Leo Varadkar Visit 'Meaningless Without Fresh Approach'
Leo Varadkar's visit to Northern Ireland will be "meaningless unless he comes with a fresh approach", DUP Leader Sir Jeffrey Donaldson has said. Speaking ahead of a meeting between the leaders to be held today, Mr Donaldson said: "Mr Varadkar and some others spent years scaremongering about checkpoints that would never exist.
14 September 2021
Agio To Create 100 New Jobs At Belfast Technology Centre
Agio, a New York-based IT and Cybersecurity services provider, have announced that they are to establish a new technology centre in Belfast with the creation of 100 new jobs.
13 September 2021
Root Cause Of Protocol Problems Must Be Resolved - DUP
The DUP has welcomed an EU pledge to resolve the upcoming blockade on medicines coming into NI from Great Britain but called on Maros Sefcovic to "seriously engage to remove their root cause".
10 September 2021
Fewer Homes Listed For Sale In Northern Ireland
Fewer homes were listed for sale in Northern Ireland during August, which could have a knock-on effect on sales and prices in the next three months, according to the latest RICS and Ulster Bank Residential Market Survey.
03 September 2021
Northern Ireland's Taxi Industry Is Facing A Crisis
Northern Ireland's taxi industry is facing a crisis, William McCausland, CEO of fonaCAB, has said as he calls on Stormont to recognise the role it plays in the economy and engage with the sector to resolve issues for operators, drivers and the businesses and passengers.