Cable group Volex Electronics Components has said it will cut 230 jobs in its Castlebar, Co Mayo operation as part of streamlining programme aimed at saving £3.5 million sterling per annum.
Volex has said it would merge two of its European cable equipment manufacturing units to cut capacity and save money, resulting in the loss of 450 jobs.
It will also base its new cable equipment manufacturing unit in Ireland as part of the streamlining process.
The establishment of this new enterprise will involve major reorganisation of the group’s existing plants in Leigh, England, and Castlebar, Co Mayo where the workforce will be cut to 250.
Managing Director Mr John Corcoran said the company regretted the job losses but the decision would consolidate the future of the Castlebar plant.
The new European organisation headquartered in Ireland will include the group’s UK powercord operations and satellite manufacturing plants in Sweden, Estonia and Croatia.
The Tanaiste, Ms Harney, has said that the announcement to was a severe blow to the areas and all employees concerned and that state Development Agencies would do everything possible to find alternative employment for the those affected.
Volex is a UK-owned company which manufactures cable harness for the telecommunications industry.