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Trinity Biotech, the manufacturer of medical diagnostic kits, is to make 70 people redundant in a bid to cut costs.

The company said the job cuts coupled with other measures would generate approximately $6 million in savings for 2009. The job losses equate to roughly a tenth of the workforce.

The company expects a one-time exceptional cost of $600,000 following the changes.

Chief executive Ronan O'Caoimh said he would forego 15 per cent of his salary with immediate effect and until further notice.

“The reduction in the cost base which we are announcing today comes through a combination of headcount and overhead reductions and will significantly boost our profits and cash generated in 2009, commencing in the first quarter of 2009,” he said.