IRISH ELECTRONIC waste recycler TechRec, a subsidiary of Philip Lynch's One51 investment group, is closing its state-of-the-art processing plant in west Dublin and making 24 staff redundant.

A spokesman for One51 said the move was part of a restructuring of its waste operations here.

He said TechRec Ireland Ltd's processing would be moved to One51's recycling plant at Greenogue in Rathcoole.

This facility is operated by a company called Rilta Environmental Ltd, which provides specialist environmental and hazardous waste management services on a three-acre site.

The spokesman denied that TechRec, which is headed by general manager Liam O'Shea, was ceasing trading.

However, the company has to date operated from just one plant.

Mr O'Shea was not available for comment.

Separate accounts for TechRec Ireland Ltd are not lodged with the Companies Registration Office. The company forms part of the One51 group of accounts.

Industry sources said the business had accumulated losses of about €600,000 up to the end of 2006 but was expected to become profitable in 2007.

TechRec specialised in the processing of electronic equipment under the European Union's WEEE directive.

The company's plant at Park West in Dublin was a new and modern facility.

It operated under a three-year permit from the Dublin City Council that was due to expire in February 2009.

It also had a licence from the Environment Protection Agency to handle up to 38,000 tonnes of hazardous and non-hazardous material.

TechRec also has a plant in Dungannon, Co Tyrone, which is owned by a separate entity registered in Northern Ireland.

This company is not affected by the reorganisation.