A Portlaoise-based producer of wire and cable for the electronics industry, C&M Europe, has announced it is to cease operations tomorrow with the loss of 44 jobs.
A spokesman for the company said the closure was due to "international market forces" but it is understood the loss of two major orders for its product this year resulted in the company, which employs 50 people, no longer being viable.
The nine year old plant is a subsidiary of a company of the same name, based in Connecticut in the US. The spokesman said six of the 50 employees will be retained to man a sales and marketing unit. C&M Europe was established in Portlaoise nine years ago.
C&M Corporation's chief executive, Mr Mark Andrews, is currently in Ireland in discussions with the IDA regarding its obligations to the State agency following grant aid assistance it received over the years. Neither the managing director of the Portlaoise plant, Mr Tom Kehoe, or the associate managing director, Mr Joe Thompson, were available for comment yesterday.
The parent corporation is a privately owned company which was founded in 1965. It has an annual turnover of up to $100 million manufacturing cables, cable assemblies and coil cords.
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