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20/08/2002
Job losses at C&C are 'inevitable'
The Managing Director of Cantrell and Cochrane (C&C) Ireland has said that the decision not to rebuild a Belfast production facility gutted by fire last year will make redundancies "inevitable".
Colin Gordon yesterday revealed that C&C would not be investing in rebuilding the production facility in east Belfast's Castlereagh Road, despite giving firm commitments to do so shortly after the fire on September 13 last year. The move will affect the jobs of 55 staff members. Mr Gordon described it as a "very difficult" decision, particularly as it affects a number of people who have "given long, loyal and valued service to the company".
Mr Gordon said that while the company would be exploring other options such as redeployment to other areas of the organisation, it was "inevitable that redundancies will be unavoidable".
He also pledged to consult with trade unions and employee representatives to "minimise the impact" on those affected.
Mr Gordon also revealed that the company would be building a "state-of-art distribution facility" at the Castlereagh Road site.
He added: "We will continue to invest in Northern Ireland in our brands, our distribution capacity and in maintaining our very strong partnerships and market presence."
The company had suffered a recent setback, when its proposed stock market flotation had to be called off at the last minute.
C&C had been preparing to float on the Dublin and London exchanges in what was billed as Ireland's biggest listing in years. It was estimated at the time that the company's share listing would value the company at around €1 billion, with shares reportedly proposed at between 166p and 234p, or €2.60 and €3.60. At the time, Chief Executive Maurice Pratt said that it was a "good time" for the move.
However, on July 8 the company confirmed that it would not go ahead with plans to float on the stock market.
In a statement, the group said: "In the light of current equity market conditions, the board of directors of C&C Group have decided to withdraw the initial public offering of the company."
Belfast has been involved in the production of C&C products since the founding of the company in 1852. The firm currently employs over 200 people in Northern Ireland.
The group's annual results are expected to be released at the end of the month.
(GMcG)
Colin Gordon yesterday revealed that C&C would not be investing in rebuilding the production facility in east Belfast's Castlereagh Road, despite giving firm commitments to do so shortly after the fire on September 13 last year. The move will affect the jobs of 55 staff members. Mr Gordon described it as a "very difficult" decision, particularly as it affects a number of people who have "given long, loyal and valued service to the company".
Mr Gordon said that while the company would be exploring other options such as redeployment to other areas of the organisation, it was "inevitable that redundancies will be unavoidable".
He also pledged to consult with trade unions and employee representatives to "minimise the impact" on those affected.
Mr Gordon also revealed that the company would be building a "state-of-art distribution facility" at the Castlereagh Road site.
He added: "We will continue to invest in Northern Ireland in our brands, our distribution capacity and in maintaining our very strong partnerships and market presence."
The company had suffered a recent setback, when its proposed stock market flotation had to be called off at the last minute.
C&C had been preparing to float on the Dublin and London exchanges in what was billed as Ireland's biggest listing in years. It was estimated at the time that the company's share listing would value the company at around €1 billion, with shares reportedly proposed at between 166p and 234p, or €2.60 and €3.60. At the time, Chief Executive Maurice Pratt said that it was a "good time" for the move.
However, on July 8 the company confirmed that it would not go ahead with plans to float on the stock market.
In a statement, the group said: "In the light of current equity market conditions, the board of directors of C&C Group have decided to withdraw the initial public offering of the company."
Belfast has been involved in the production of C&C products since the founding of the company in 1852. The firm currently employs over 200 people in Northern Ireland.
The group's annual results are expected to be released at the end of the month.
(GMcG)
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