Restructuring events
European Restructuring Monitor (ERM)
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.
Molex, a US-owned electrical component manufacturer, will close its plant in Shannon, County Clare, by the end of 2020, causing 500 job losses. The decision to close the plant follows a review of the Shannon plant's production process, which is considered unsatisfactory and unprofitable. IDA Ireland Executive Director noted that their company had worked with Molex for many years to secure stable investment, but they did not reach a long-term sustainability. Thus, the closure would be implemented gradually by the end of 2020. The Minister for Business, Enterprise and Innovation is disappointed with the news of the closure and promised governmental support for the affected workers.
The Shannon plant has been in operation since 1971 and it has been one of the largest employers in the area.
Eurofound (2019), Molex Ireland, Closure in Ireland, factsheet number 98947, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/98947.