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.
Manufacturing Manufacture Of Chemicals And Pharamceuticals Manufacture Of Basic Pharmaceutical Products And Pharmaceutical Preparations 21.1 - Manufacture of basic pharmaceutical products
130 jobs Number of planned job losses
Announcement Date
17 May 2016
Employment effect (start)
17 May 2016
Foreseen end date
Description
Suir Pharma has been moved into provisional liquidation, with 130 jobs expected to be lost. The pharmaceutical manufacturing plant, owned by the Saneca group, has been operating in Clonmel for 40 years. Suir Pharma incurred a loss of €4.9 million between January 2014 and March 2015. A significant drop in sales in the US market in 2014 was cited as a prime reason for the company's difficulty. Michael McAteer of Grant Thornton has been appointed as provisional liquidator by the High Court. Suir Pharma is allowed to trade for now but it is unlikely the plant and the 130 jobs will be saved.
Sources
17 May 2016: RTE
Citation
Eurofound (2016), Suir Pharma, Closure in Ireland, factsheet number 87526, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/87526.
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