asked the Minister for industry, Commerce and Energy the total amount of public money which has been invested in the firm Philip Pierce & Company Limited, Wexford; if the IDA received any assurances regarding future employment levels from TMG Limited prior to that firm's take-over of Philip Pierce & Company Limited; and if he will make a statement as to the present finances and future prospects of Philip Pierce and Company Limited.
Ceisteanna—Questions. Oral Answers. - Wexford Industry.
30.
I am informed by the Industrial Development Authority that grants totalling £100,436 have been paid to Philip Pierce and Company Limited to date. Prior to the acquisition of the company's assets by TMG Limited the IDA were engaged in discussions with the liquidator and potential purchasers of the company in an effort to secure an agreement which would result in the maintenance of the maximum number of jobs at the plant. I understand however that following the take-over a number of workers were made redundant. I am also informed that the IDA have recently approved grant assistance for the re-equipment and modernisation of the plant. It is expected that this will lead to an expansion of employment in the Wexford factory in due course. In connection with this grant application the authority undertook the normal appraisal of the company's affairs. The IDA maintain strict confidentiality in regard to their negotiations with project promoters. I am not therefore in a position to furnish details of the firm's finances or future prospects.