Industry & Business

130 jobs at risk in Tipperary pharmaceutical company

 Breaking News
  • Largest Ever European Investment Bank Support in Ireland The European Investment Bank is to provide a loan of €490 million to support construction of the new children’s hospital in Dublin. This represents the largest ever financial engagement by the European Union’s long-term lending institution in Ireland and the EIB’s first backing for a hospital in the country. The new children’s hospital project includes two [...]...
  • Strabane Manufacturer to Invest Over £7 Million in Ambitious Expansion Strabane-based Fabplus is planning to more than double its workforce and turnover with support from Invest Northern Ireland. The investment is part of a three year expansion plan to increase its market share in the Republic of Ireland and Great Britain, and gain a foothold in mainland Europe and Scandinavia. Recruitment is underway to employ 83 additional staff at [...]...
  • PM Group Appoints a New Non-Executive Director Michael McNicholas has been appointed as a Non-Executive Director of Project Management Holdings (PM Group), the Irish headquartered international project delivery specialists. Michael McNicholas. Michael has over 35 years’ experience in senior leadership positions in the public and private sectors. He is the former CEO of Ervia, NTR plc and Managing Director of ESB International.  During his [...]...
  • Center Parcs Signs Contract With John Sisk & Son As construction activity on the much anticipated €233 million Center Parcs Longford Forest resort in County Longford ramps up, the company has announced it has formally awarded two major construction contracts to Dublin-based construction firm John Sisk & Son. The contracts for the construction of the 470 lodges and 30 apartments as well as the state-of-the-art centre [...]...
  • Medi-Shower Invests in Innovation to Drive Export Growth Multi-award-winning manufacturer Medi-Shower has created ‘smart showerhead’ technology which can reduce the risk of Legionnaires disease. The cutting edge product, developed with R&D support from Invest Northern Ireland is designed to meet the high requirements for hygiene within the healthcare sector. It reduces the risk of waterborne infection from bacteria that can build up due to poor design [...]...

130 jobs at risk in Tipperary pharmaceutical company

May 17
16:36 2016

thermometer-temperature-fever-flu-mediumMore than 130 jobs are at risk following the appointment by the High Court of a provisional liquidator to a Co Tipperary based pharmaceutical manufacturing company.

Suir Pharma Ireland Ltd, which is located in Clonmel and has been making generic medicines for approximately 40 years in the town, is insolvent and is to be wound up.

The company cited sustained and irreversible losses of €4.9m during the 15 months before March 2015, and a large drop in sales in the US market late last year, for its difficulties, At the High Court on Tuesday

It projects further losses in both 2016 and 2017.

The court heard its parent company, Saneca Pharmaceuticals, was not willing to fund the company and it was left with no other option than to apply to the court for the appointment of a provisional liquidator.

Mr Justice Michael Twomey said he was satisfied to appoint insolvency practitioner Michael McAteer of Grant Thornton as provisional liquidator of the company.

The court also granted Mr McAteer a number of powers, including the ability to allow the company continue to trade, and to take steps to secure the company’s assets.

About Author

admin

admin

Related Articles






New Subscriber





Subscribe Here



Advertisements
































National Manufacturing Conference & Exhibition 2016

NIBRT Springboard Success Stories



Upcoming Events

  • No upcoming events
AEC v1.0.4