Cork firm reverses plan to cut 142 jobs as new contract won
A decision to cut 142 jobs from a Cork-based medical firm last year has been reversed.
The US-owned Stryker Ireland Ltd has cancelled its restructuring programme “following the review of the [company’s] operations and the winning of a new business contract”.
The restructuring programme announced in May of last year was to be implemented this year and completed in 2013.
However, cancellation of the programme is confirmed in new accounts by Stryker Ireland Ltd that show that pretax profits increased by 101 million from €124.2 million to €250.4 million. Revenues increased by 46 million from €351.7 million to €515 million in the 12 months to the end of December last (2011).
According to the directors’ report, “the company had strong growth in the period under review, with an increase in sales of €46 million, reflecting the impact of the operations acquired from Benoist Girard SAS, a related Stryker entity, in late 2010”.
They added: “Margins have increased on the prior year and profit before tax significantly increased on 2010.” Stryker operates two plants in Ireland, one at Carrigtwohill in Cork and an orthopaedics plant at Raheen Business Park in Limerick.