I have taken a keen interest in Semperit, Ballyfermot for many months, indeed long before the parent company announced plans on 18 September 1996 to wind down its Irish subsidiary. I believe that was a bad decision. However, given the realities of global commerce, it is one that is not reversible despite our collective endeavours.
My principal focus, and that of IDA Ireland, has been on securing the sale of the Ballyfermot premises and equipment to another international tyre manufacturer. I pursued that objective at my original meeting with senior Continental AG executives on Wednesday, 18 September 1996 in Frankfurt and again at a further meeting with them in Hanover on Sunday, 10 November 1996. On both occasions I sought the full co-operation of Continental AG with the IDA in pursuing a sale. At the November meeting, I specifically sought the fullest co-operation of Continental AG in pursuing a sale to the US tyre manufacturer, Cooper Tire of Ohio. On the following day, 11 November 1996, I was informed that the board of Continental AG had decided to co-operate with IDA in this matter. I had previously met officials of Cooper Tire in Ohio on Friday, 27 September last in a top level promotional drive for the sale of the Ballyfermot facility.
Arising from the outcome of the Hanover meeting, I instructed IDA Ireland to pursue the US company's interest with maximum vigour. To this end, there have been ongoing contacts between IDA, Cooper and Continental-Semperit. To date, the US company has not been in a position to indicate its decision with respect to a possible purchase of assets at Ballyfermot. Cooper had indicated it would communicate its decision to IDA and Continental AG by 18 November 1996. The IDA is in continuing contact with a view to reaching an outcome as soon as possible. IDA personnel are in the USA this week for further discussions with the potential US purchaser. Continental has given no commitment in regard to the equipment at the factory. Obviously the question of equipment is a key issue to be dealt with in the context of IDA's endeavours to sell the plant.