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16/10/2002
200 jobs to be axed at Richardsons
Over 200 jobs are set to go at Belfast fertilizer producers Richardsons, after parent company Irish Fertilizer Industries (IFI) called in the liquidators.
In all 620 jobs face the axe across the company's three sites at Arklow, Cork and Belfast, after it posted losses of €30 million in the past year.
The Irish government, through the nationalised company NET, and Imperial Chemical Industries (ICI) – the company's two major shareholders holding 51% and 49% respectively – have said that they not prepared to back IFI through its latest difficulties.
The Tánaiste, and Minister for Enterprise Trade and Employment, Mary Harney, said: "We could only propose support for the company if there was a viability plan – and no viability plan was forthcoming.
"I couldn't justify, nor were the other shareholders willing to countenance, putting more money into the company without a viability plan. Notwithstanding the huge efforts made by the management, made by the board and the workers, it just wasn't possible to come forward with the viability plan and so it wasn't justifiable for us to put more public money into the company at this time."
Ms Harney said that fertilizer can be imported at $40-$50 cheaper per tonne than if it were produced within Ireland. The current method of making fertilizer was described by Ms Harney as "a very expensive way" to proceed.
She added: "The challenge is now to find alternative employment and I will ensure that every help is forthcoming to give the workers the skills that are necessary to find new jobs as soon as possible."
The Irish government and ICI have provided €34 million in investment in the past two years, and, since inception in 1961, the value of the Exchequer support for NET and IFI has amounted to nearly €750 million in present-day terms.
Ms Harney said that the company operates in a "very difficult trading environment in which it has struggled to provide a return on this investment". That position, she said, has deteriorated and became critical in recent months as losses mounted.
The Richardsons plant, at the Port of Belfast, processes ammonia from Cork and other imported raw materials such as phosphoric acid and potash to produce NPK compound fertilizers.
Since 1860 Richardsons Fertilizers has been manufacturing and marketing quality fertilizer products in Belfast mainly for the Northern Ireland and Republic of Ireland farmer.
The NPK fertilizer products manufactured in the Belfast factory are marketed as Richardsons Fertilizers in Northern Ireland and as IFI in other markets.
(GMcG)
In all 620 jobs face the axe across the company's three sites at Arklow, Cork and Belfast, after it posted losses of €30 million in the past year.
The Irish government, through the nationalised company NET, and Imperial Chemical Industries (ICI) – the company's two major shareholders holding 51% and 49% respectively – have said that they not prepared to back IFI through its latest difficulties.
The Tánaiste, and Minister for Enterprise Trade and Employment, Mary Harney, said: "We could only propose support for the company if there was a viability plan – and no viability plan was forthcoming.
"I couldn't justify, nor were the other shareholders willing to countenance, putting more money into the company without a viability plan. Notwithstanding the huge efforts made by the management, made by the board and the workers, it just wasn't possible to come forward with the viability plan and so it wasn't justifiable for us to put more public money into the company at this time."
Ms Harney said that fertilizer can be imported at $40-$50 cheaper per tonne than if it were produced within Ireland. The current method of making fertilizer was described by Ms Harney as "a very expensive way" to proceed.
She added: "The challenge is now to find alternative employment and I will ensure that every help is forthcoming to give the workers the skills that are necessary to find new jobs as soon as possible."
The Irish government and ICI have provided €34 million in investment in the past two years, and, since inception in 1961, the value of the Exchequer support for NET and IFI has amounted to nearly €750 million in present-day terms.
Ms Harney said that the company operates in a "very difficult trading environment in which it has struggled to provide a return on this investment". That position, she said, has deteriorated and became critical in recent months as losses mounted.
The Richardsons plant, at the Port of Belfast, processes ammonia from Cork and other imported raw materials such as phosphoric acid and potash to produce NPK compound fertilizers.
Since 1860 Richardsons Fertilizers has been manufacturing and marketing quality fertilizer products in Belfast mainly for the Northern Ireland and Republic of Ireland farmer.
The NPK fertilizer products manufactured in the Belfast factory are marketed as Richardsons Fertilizers in Northern Ireland and as IFI in other markets.
(GMcG)
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