GSI lost almost $56m in final year of operation

GENERAL Semiconductors Ireland, which closed in Macroom with the loss of 670 jobs made losses of almost $56 million in its final year of operation, accounts lodged with the Companies Registration Office (CRO) reveal.

The closure of the plant in 2001 caused a furore in the town and subsequent election promises by Taoiseach Bertie Ahern that Elan would utilise the empty GSI plant to create 300 new jobs in a bio-pharmaceutical manufacturing plant were unfulfilled.

The massive pre-tax losses at the Macroom plant in the 12 months to December 2001 came to $55.89m on a turnover of $147m. In 2002 GSI made pre-tax profits of $13.13m on a turnover of $224.5m according to the figures submitted to the CRO. The figures also show $10.3m in grants was repaid to the State. IDA figures show GSI repaid 9.2m in grants in several tranches in 2002.