Pfizer denies ADM plant takeover plans

PHARMACEUTICAL giant Pfizer yesterday admitted to being “bemused” by reports of the company planning to secure the soon-to-be-closed ADM Ringaskiddy plant.

However, hopes increased last night that alternative employment could be on the cards for many of the 146 workers being laid off over the next two months.

Enterprise, Trade and Employment minister Micheál Martin’s office revealed “the prospects of new jobs in the Cork harbour area are good”.

Mr Martin’s spokesperson said: “The minister’s primary concern is the workers and the devastation the closure will cause to them and their families.

“The minister was disappointed at not being given advance notice of the ADM decision but he immediately rallied the relevant State agencies - IDA Ireland, Enterprise Ireland and FÁS - to ensure that new jobs are found or that retraining will be offered to ADM employees.”

Several pharmaceutical companies in Cork are reportedly in talks with IDA Ireland about new jobs. The sector has provided over 1,000 jobs in the harbour area in recent years.

The spokesperson added: “The minister is confident of further new jobs being in the pipeline.”

Meanwhile, Pfizer denied talk of a takeover of the neighbouring site.

A spokesperson said the ADM decision to announce plans to cease operations of the food and drink ingredients’ manufacturing plant came out of the blue.

“The company is certainly a bit bemused by rumours of a takeover of the ADM plant. We are not too sure where the reports emanated from - but certainly not from Pfizer,” the spokesperson said.

Although the ADM announcement was described as a shock, the writing was on the wall for the company over the past 12 months.

With just a handful of main manufacturers in the global citric acid industry, the company revealed last year the Cork plant was incurring “significant losses”.

The disclosure came during a submission to the emissions trading unit of the Environmental Protection Agency, in an appeal against its greenhouse gas (GHG) allowance allocation.

Claiming it was severely penalised by the State agency in a draft GHG allowance allocation, the company disclosed: “Competitiveness is the corner stone of business. With just four or five main manufacturers in the world, ADM Ringaskiddy has, at best, been a marginal operation.

“For the last number of years it has been making significant losses.”