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01/08/2002
Harney responds to Elan job cuts
Irish Minister for Enterprise, Trade & Employment and Tánaiste Mary Harney said she was "deeply disappointed" by the announcement of 300 job losses at Elan's plants in Ireland.
Ms Harney described the jobs cuts announced by Elan at the firm's Dublin and Athlone operations as a severe blow to the workforce.
The Tánaiste said she has asked FAS to engage immediately with the company and its employees with a view to establishing both the skills profile of the workers and the extent to which any retraining might be required in order to provide links with alternative employment in both locations.
The Tánaiste said she has also asked IDA Ireland to immediately and as a matter of priority begin the search for new industry to provide replacement jobs.
She said this priority would also attach to Macroom in County Cork where the cancellation of the company's planned project in the town would come as a serious setback to the local community.
Elan has announced a series restructuring moves in a bid to raise €1.5 billion capital from assets and cut costs by axing one-fifth of the worldwide workforce.
The move reflects the declining fortunes of the ailing pharmaceuticals company. Shares in the company have plummeted by 95% following accountancy concerns.
Elan's Chairman Dr Garo Armen as anticipated announced that a new facility to be built at Macroom in County Cork would not be going ahead.
Dr. Armen said “Through the implementation of the recovery plan and the repositioning of the business we will secure the company’s long-term future. We have made significant advances in recent weeks and are implementing tough decisions to make the new Elan a stronger company, reinforce our liquidity, preserve our pipeline and rebuild our credibility. The timely execution of our plan will restore value to our shareholders, employees and other stakeholders.”
As part of the recovery plan Elan will shed around 1,000 jobs from its 4,700 strong global workforce, 300 of these in Ireland, by the end of December this year.
In addition up to 2,100 further jobs losses are expected as Elan moves to dispose of non-core operations by mid-2003.
(SP)
Ms Harney described the jobs cuts announced by Elan at the firm's Dublin and Athlone operations as a severe blow to the workforce.
The Tánaiste said she has asked FAS to engage immediately with the company and its employees with a view to establishing both the skills profile of the workers and the extent to which any retraining might be required in order to provide links with alternative employment in both locations.
The Tánaiste said she has also asked IDA Ireland to immediately and as a matter of priority begin the search for new industry to provide replacement jobs.
She said this priority would also attach to Macroom in County Cork where the cancellation of the company's planned project in the town would come as a serious setback to the local community.
Elan has announced a series restructuring moves in a bid to raise €1.5 billion capital from assets and cut costs by axing one-fifth of the worldwide workforce.
The move reflects the declining fortunes of the ailing pharmaceuticals company. Shares in the company have plummeted by 95% following accountancy concerns.
Elan's Chairman Dr Garo Armen as anticipated announced that a new facility to be built at Macroom in County Cork would not be going ahead.
Dr. Armen said “Through the implementation of the recovery plan and the repositioning of the business we will secure the company’s long-term future. We have made significant advances in recent weeks and are implementing tough decisions to make the new Elan a stronger company, reinforce our liquidity, preserve our pipeline and rebuild our credibility. The timely execution of our plan will restore value to our shareholders, employees and other stakeholders.”
As part of the recovery plan Elan will shed around 1,000 jobs from its 4,700 strong global workforce, 300 of these in Ireland, by the end of December this year.
In addition up to 2,100 further jobs losses are expected as Elan moves to dispose of non-core operations by mid-2003.
(SP)
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