130 jobs at risk in Tipperary pharmaceutical company
More 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.