asked the Minister for Finance if he will give details of the takeover by the Irish Sugar Company of Interchem.
Ceisteanna—Questions. Oral Answers. - Takeover of Interchem.
18.
Interchem Ltd is an Irish company engaged in the distribution of agro-chemicals some of which are considered by the Irish Sugar Company to be of importance to the beet industry. The company was about to cease trading and the Irish Sugar Company was anxious to ensure that the products in which it was interested would continue to be available to beet growers. Accordingly, the Irish Sugar Company acquired the share capital of Interchem Ltd., which will continue to trade as a separate company offering the same range of services as it has offered in the past. The existing staff of Interchem Ltd have not been disturbed in their employment.
Does the Taoiseach not know that the product, which he states was a worry in relation to its being available to the Irish farmer for the production of beet, would be available anyway in Britain for which Interchem is an agent? The answer the Taoiseach gave is quite incorrect. This is a case where a semi-State company has entered into competition with other companies in this country.
The problem facing the Sugar Company was that while these special chemicals might have been available from the parent company there was no assurance for their continued delivery or delivery at a proper price. The Sugar Company has ensured that through this company they will be assured of deliveries and at the right price.
The Taoiseach is quite incorrect in what he says. The parent company has trade all over the world and provides those chemicals all over the world and at ordinary prices, available ex-factory in England.
That is not the case. There will be no competition of that nature.
In view of the fact that Interchem was about to cease trading what price was given by the Irish Sugar Company in buying the business of Interchem?
It was very little.
It was only nominal.
Nominal.
Is it the intention of the Sugar Company to market the products of the parent company in Britain? Everybody knows it has connection with other trade interests in this country who are paying rents, rates and taxes.
The only intention is to secure delivery for the purposes for which it was used hitherto; that is, beet growing. There is no competition with other Irish chemical companies.
We take it they will not indulge in competition with other companies.
If they do they will not be permitted.