Molex closes, WeWork steps back and finding green power in slurry

Business Today: the best news, analysis and comment from The Irish Times business desk

US group Molex is to close its Irish subsidiary. Photograph:  Eamon Ward

US group Molex is to close its Irish subsidiary. Photograph: Eamon Ward

 

It’s a black day for the midwest as US group Molex announced the loss of 500 jobs in Shannon with the closure of a plant it has operated since 1971, writes Eoin Burke-Kennedy. The Irish plant seems to have been a victim of fallout from the US-China trade war as Molex’s owner, the Kochs, move out of lower margin product lines.

Better news for troubled Ballymena busbuilder Wrights as Jo Bamford confirmed he has taken control of the business. But, reports Francess McDonnell, only the 60-strong skeleton crew are transferring to the new owners initially as they work out how many of the 1,200 redundant staff they can employ.

Cutting our carbon footprint is now active Government policy and a group advocating the conversion of farm waste to gas as part of that green agenda says it could cost families up to €5.70 a month to subsidise – or over €116 million a year. Barry O’Halloran has the details.

Dublin Port Company is seeking the views of the public, businesses and other interested parties on the benefits of investing €108 million that it says it doesn’t have in terminal facilities to attract more cruise ships to the capital. Simon Carswell has the details.

Troubled WeWork has pulled out of two further deals for office space in Dublin, and walked away from discussions at a preliminary stage in relation to a third building in the capital, writes Ronald Quinlan. The news comes just two weeks after WeWork withdrew from talks with Hibernia Reit in relation to space at another of its Dublin docklands office buildings.

Ronald also has details of one of the biggest development land deals of the year - the purchase by residential builder Richmond Homes of 125 acres in Baldoyle with space for 1,600 homes.

And a fund managed by Davy Real Estate has entered into exclusive talks in relation to the acquisition of a 62.4 per cent interest in Dublin’s St Stephen’s Green Shopping Centre.

Holding auditors to account has long been the mainstay for credits of failed businesses. But, in his column, Ciarán Hancock marvels at the snail like progress of two financial era cases that have still to get to their substantive days in court.

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