ADM Ringaskiddy, the Cork arm of the US food ingredients group which closed its manufacturing operation in September 2005, is now a group treasury services operation, according to its latest filed accounts.

The company made 147 people redundant when it closed its citric acid manufacturing operation, reportedly because of severe competitive pressures from manufacturing operations in China.

On Thursday, the pharmaceutical group Pfizer confirmed that it was to apply for planning permission for a €170 million development at the site of the former ADM plant, although it added that Pfizer group approval for the development had not been finalised.

Accounts for ADM Ringaskiddy for the year to end June 2006, filed recently, state that the discontinued manufacturing operation made a loss of €13.3 million in the period. A further €10.7 million was put into the company's pension scheme. The accounts state that the company is continuing to sell and distribute its remaining inventory. Turnover was €23.4 million in the year.

Overall, however, the company reported a pre-tax profit of €238.7 million. This was generated by an inter-group transaction. The accounts show that the company realised €250 million in a tax-free share deal with Dutch subsidiary ADM German Holdings BV. It now has inter-group debtors totalling €1.4 billion and creditors totalling €1 billion.

ADM Ringaskiddy is in turn owned by ADM Ireland Holdings Ltd, a holding company for ADM companies in Ireland and elsewhere. ADM Ireland Holdings does not produce consolidated accounts.

ADM is part of the Archer Daniels Midland Company, based in Illinois, an agricultural commodities group which has more recently been investing heavily in ethanol and biodiesel production.

During the year to end June 2006 ADM Ringaskiddy employed 56 people.