Stryker’s profits increase to €124m after Cork job cuts

THE US medical devices company that announced 142 job cuts in Cork earlier this year increased its pre-tax profits to €124.2 million last year, figures show.

In May of this year, Stryker confirmed the job losses after announcing that it was consolidating its medical instruments and orthopaedic plants, which are located at the IDA Industrial Estate at Carrigtwohill into one plant as part of a restructuring programme. Now, accounts just filed with the Companies Office show that Stryker Ireland’s revenues increased by 1% from €347.8m to €351.7m in the 12 months to the end of December last.

The increase in revenues led to the company increasing pre-tax profits from €122.1m in 2009 to €124.2m last year.

Stryker, with its headquarters at Kalamazoo in Michigan, employs 700 people at the Carrigtwohill plants and a further 500 at an orthopaedics plant at Raheen Business Park in Limerick.

The returns for 2010 confirm a dividend of €25m was paid last year and this followed a dividend pay-out of €57.2m in 2009.

The company said that the 142 employees affected will be given the opportunity to re-skill and transfer to other positions within the Irish Stryker operation.

Stryker expects 60 jobs to be created over the next four years when the Carrigtwohill facility commences manufacturing for the company’s endoscopy division.

According to the directors’ report “the company had strong growth in the period under review with volume growth on continuing operations of 18%”.