asked the Minister for Industry and Commerce if he is aware that a firm (name supplied) which has occupied the new industrial estate in Waterford is about to close down permanently; if he will state the reasons for the closure; and what precautions the relevant authority took prior to the establishment of the firm concerned.
Ceisteanna—Questions. Oral Answers. - Closure of Waterford Firm.
88.
I am aware that this company has closed down permanently. They have informed the Industrial Development Authority that the reason for the closure is the collapse of the market for their products (container parts) due to difficulties in the container industry.
The proposal for the establishment of this company was examined by the Industrial Development Authority who were reasonably satisfied that the company could reach its sales and profitability targets. Unfortunately, the marketing difficulties encountered by the company could not be foreseen.
I understand from the authority that only 11 men were employed, that all but one of these have now found alternative employment and that each employee has received from the company a substantial sum over and above any legal liability that the company had to them. The authority has been informed that on liquidation the company will be able to repay in full amounts due to all creditors, and that grant moneys will be repaid in full.