Shannon company hit by slump in dollar

SHANNON Coiled Springs is suffering badly from the hike of 25% or more in the euro’s exchange rate against the dollar.

Profits have been slashed and the group’s founder and chief executive, John Walsh, said the authorities have no idea of the pressures facing small Irish firms.

Shannon Coiled Springs sells 15% of its total output into the US, where it supplies parts to the telecommunications sector.