Munster Express Online

One of Waterford’s biggest factories, Teva Pharmaceuticals Ireland, is to lay off a huge chunk of its workforce in the new year.

The huge Industrial Estate plant, which is owned by an Israeli consortium, currently employs around 730 people. A phased redundancy programme will see 315 staff made redundant in the oral solid dose tablet-making division, starting in the first quarter of 2010 through to the autumn.

Workers were told early yesterday that production was to stop at 10pm last night and resume at 2pm on Monday. They were asked to attend a meeting with management at 9.45 this morning, before a scheduled press conference for the Ramada Viking Hotel at 11.30.

According to the company, those employees being let go will receive “generous” redundancy packages, plus training and outplacement services.

Redundancy payments will come to five-and-a-half weeks per year of service, plus statutory and loyalty payments.

Formerly known as IVAX and previously Norton, the factory first opened as Waterford Pharmaceuticals in 1985.

Teva – one of the top 20 pharmaceutical companies in the world – makes inhalers and tablets for conditions such as asthma.

See The Munster Express newspaper for full story.