(Carlow-Kilkenny): Having met the workers concerned, I am aware that, apart from Deputy McGuinness and myself, you, a Cheann Comhairle, know exactly what is wrong in this case. The appointment of a liquidator coming up to Christmas has come as a shock to the 15 or 16 workers who are permanently employed in Independent Analytical Systems, a company which appeared to be doing well. If part-time workers are included, the workforce total which is affected is 21.
Bagenalstown is a lovely town for visitors who pass through by barge on the River Barrow, but it could do with extra industry. It certainly is not acceptable that any group of workers is released from employment. I hope the Minister will explain what exactly is going on in that company. Conflicting stories emerged from a report in a newspaper last Sunday, and they are difficult to understand. The businessman concerned was so successful in his home base that he made a profit of £500,000 in 1999. Five weeks ago he bought this company in Bagenalstown but then called in a liquidator. I am totally baffled because people involved in business are generally hard-nosed individuals who weigh up everything and eventually come into an enterprise because they can see a future in it. I find it totally baffling that after five weeks a new owner can go into liquidation, even though his own home company, based in Portlaoise, made a profit of £500,000 in 1999. The Sugar Company, which has been taken over by Greencore and which accounts for 47% of the workload of the company, has caused a problem for it by reducing the price it is prepared to pay for sample tests from £41 to £30 approximately, which is a source of some surprise. Some of the workers are willing to take over the company provided that the Sugar Company, with which I hope it will be possible to arrange a meeting, will account for 47% of its workload.
The reason the Sugar Company is seeking a reduction is that Teagasc can undercut the company. I find it strange that Teagasc can undercut a private company causing redundancies. It should stick to what it is good at, advising farmers. If it wants to enter competition, there should be a level playing field. Teagasc and Independent Analytical Systems cannot compete on a level playing field.
The workers who are willing to take over the company must know the facts. I am not certain that the article which appeared on Sunday clarified the matter. The workers are of the view that some of the information contained within it was incorrect. What exactly is going on in the Sugar Company? Could it have lost £600,000 over a ten year period and, if so, why? What can the workers take from this debate that will help them to make up their minds as to whether they should take over the company? They have the necessary expertise to keep it going. It is important, therefore, that they know exactly what is going on. The Minister of State has the background information.
Should it happen that the workers cannot take over the company, the Minister of State should look on Bagenalstown as a place which needs new industry. From the point of view of the Government, the loss of 20 workers in Bagenalstown would not be a catastrophe in comparison to the loss of 150 elsewhere, but to Bagenalstown, which has few industries, it would be a major blow. It is relying more and more on the attraction of new industries. I, therefore, hope the Minister of State will give the workers some hope to move forward.