The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture Of Chemicals And Pharamceuticals Manufacture Of Basic Pharmaceutical Products And Pharmaceutical Preparations 21 - Manufacture of basic pharmaceutical products and pharmaceutical preparations
165 jobs Number of planned job losses
Announcement Date
22 May 2007
Employment effect (start)
Foreseen end date
Description
An Athlone-based pharmaceutical company is to close with the loss of 165 jobs. Conor Medsystems, which was taken over by pharmaceutical giant Johnson and Johnson in February 2007, blamed the commercial failure of a coronary medical device called the CoStar stent for the closure. Tests in the US revealed that the stent, a tube which helps the blood to flow through restricted arteries in the heart, proved to be an inferior product to one made by its rival Boston Scientific and that it also slightly increased the risk of heart failure or a repeat procedure after eight months. The Athlone factory has operated since 1999, less than ten years. Workers were given paid leave two weeks ago after the company withdrew the stent from all its markets. Workers have notice of 30 days to negotiate their redundancy packages and have expressed their frustration that despite recent difficulties, Conor Medsystems had continued to recruit staff until one week before the announcement. Many workers say that because of the specialised nature of their work, it will take them a long time to get secure employment elsewhere. However, the company said it would put in place an extensive support programme to help employees to find alternative employment.
Sources
23 May 2007: The Irish Independent
23 May 2007: The Irish Times
Citation
Eurofound (2007), Conor Medsystems, Closure in Ireland, factsheet number 65382, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/65382.
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