€32m needed to save IFI

CUTS of €32m are needed to secure the future of Irish Fertiliser Industry, according to a preliminary report presented to Tánaiste Mary Harney yesterday.

Workers’ representatives at the ailing company said yesterday that they had agreed to wage cuts of 10%, saving IFI €3.8 million, as part of their contribution to keeping the plants at Arklow, Cork and Belfast viable.

A spokesman for the Department of Enterprise, Trade and Employment said senior plant management had provided an outline of a revised business plan, which it was hoped would protect the firm and more than 600 jobs from the effects of an excessive supply of fertiliser on the European market.