Elisa Partnership, which produces herbal extracts at Ringaskiddy, Co Cork, closes at the end of next month with the loss of 29 jobs. In a statement yesterday, the firm said there had been a major worldwide decrease in the market for its products despite the IDA's help.

Elisa Partnership is a joint venture between two German firms, Dr Willmar Schwabe GmbH & Co and Lichtwer Pharma AG.

Its Cork facility produced active ingredients from the St John's Wort plant, which were used as a treatment for depression. But the company says demand worldwide for the product had declined.