"Every effort" will be made by the Government to find new jobs for hundreds of Waterford Crystal employees facing redundancy, Minister for Finance Brian Cowen today told the Dáil.
The company may have to shed at least 500 of its 900 staff in response to trading difficulties blamed on the weak US dollar, changing consumer tastes and competition from Asia.
Tánaiste Brian Cowen
Tánaiste Mr Cowen, who was deputising for the Taoiseach in the Dáil, said the job losses were trade-related and inevitable.
He said the firm had warned its AGM last month that sales were down by 9 per cent due to the weak dollar exchange rate and other factors.
Mr Cowen told TDs that Enterprise Ireland has been in constant contact with the company this week and was offering as much assistance as possible. He added that state agencies like Fás were on alert to retrain staff and source alternative employment.
"This is obviously a very disappointing development for the workers and their families," the Minister said.
But he said almost all the 300 workers made redundant in Dungarvan, Co Waterford, in 2005 found re-employment.
"It shows what can be done with a pro-active approach. Alternative employment was found for 280 people, and every effort will be made to repeat this success for those workers who received this bad news yesterday.
The Minister said there had been a significant number of job announcements in the Co Waterford area over the past five years. "Unfortunately this latest development is a disappointing one for this major company, which is so closely associated with the city and the county."
Raising the issue, Labour leader Eamon Gilmore had asked if the Government has any plans to meet the management or workers following the job losses.
The TD also queried where the jobs were being transferred to - the Czech Republic or Slovenia.