On 7 March 2001 the company, which has substantial manufactur ing operations in Shannon since 1961, announced the closure of one section of its manufacturing operations in Shannon, its diamond synthesis plant, with the loss of 128 jobs. These job losses are being effected through a combination of voluntary redundancy and early retirement.
The synthesis process is carried out at a number of locations world-wide and a decision has now been made to consolidate this activity in three plants. The underlying reason for the consolidation is competition from the Far East, specifically China, Korea and Japan. Shannon will remain as the company's only plant to process synthesised diamonds – the high value added end of the business. The Shannon company will also continue to host most of the corporate activities of the group. The ongoing staff level will be more than 500.
Officials from the FÁS mid-west region have made contact with the company to offer assistance to those being made redundant. The company is using a consulting group to assist employees in assessing the options open to them. The group has been advised of the services available from FÁS, for example, guidance and career counselling, matching for job vacancies and the provision of training courses, as required. A FÁS employment officer based in Shannon has been assigned to deal with the consulting group in relation to the company's employees.
Shannon Development will work closely with management at the company in its strategy to develop new activities for its Shannon operation.