Buyout may save hundreds of jobs at Pfizer

A multi-million euro buyout plan looks likely to save hundreds of jobs under threat from the closure of two Pfizer pharmaceutical plants, it emerged tonight.

More than 500 posts are under threat in Cork, but workers, union officials and development agency IDA Ireland all said they were confident a buyer would step in and save them.

The IDA said it was hopeful of a deal and expected strong interest from rival pharmaceutical firms.

Johnson & Johnson is said to be one of the leading candidates.

"From the IDA's perspective we have every confidence in Pfizer, in its ability to secure a buyer for this operation in question, and particularly its workforce but also in the company's continued growth in Ireland," an IDA spokeswoman said.

"Of course we are concerned for job losses today but we are confident the company has the ability to address it. But we will give them as much help as they need in securing a buyer and provide all the assistance we can to promote this facility."

The spokeswoman insisted the pharmaceutical industry was thriving in Ireland and Pfizer remained a key client, investing heavily. She said it was quite common for major pharmaceuticals to sell branches of their companies, products or drugs.

Minister for Enterprise Micheal Martin also moved to allay fears and said safeguarding jobs would be a priority for the Government and IDA Ireland.

Workers at the Cork plants were told of the cuts at early morning meetings. Three plants are affected with 65 jobs likely to go in Ringaskiddy, 300 at Loughbeg and 180 at Little Island.

All are state-of-the-art facilities staffed by a highly trained and experienced workforce.

A buy-out deal is expected to cost hundreds of millions.