Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Electronic cabling firm Wessel Industries is closing a manufacturing unit in Dublin with the loss of 120 jobs and consolidating its Irish business in Longford. However, staff at the Dublin plant will be offered the chance to move to another Irish plant in Longford, where Wessel employs 100 people.
Mr John Hughes, managing director of Wessel, said it was not certain how many jobs would be available in the more modern Longford factory but the number would be substantial.
The company, which has operated the Dublin plant since 1979, said the decision to close was unavoidable "due to market trading conditions, the pressure to reduce costs and to remain competitive while retaining a manufacturing presence in Ireland". The Dublin factory first opened in 1946.
The jobs will be phased out over the year, with most people not leaving the company until September. Staff would be given help in finding alternative employment, the company said.
Wessel manufactures cabling for the energy, data and telecommunications sectors.
Mr David Murphy, marketing and communications manager in Ireland for ABB, Wessel's parent company, said the company had succumbed to the same problems that have beset other manufacturing industries in Ireland.
"Costs are rising across the range - in insurance, raw materials, staff and logistics," said Mr Murphy. "The fact is that the cheaper economies in eastern Europe are an increasing problem for manufacturing in Ireland".
Eurofound (2004), Wessel Industries, Closure in Ireland, factsheet number 58940, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/58940.