ABB workers at the company’s Tycor plant have voted by a majority of four to one to accept a redundancy package which will allow them six weeks pay for every year of service, inclusive of statutory, capped at three years.
This follows negotiations with trade union SIPTU which commenced during the summer.
The company announced last June that it was to close its manufacturing unit in Waterford, with the loss of 178 jobs, due to significantly lower orders and the lack of potential business in the markets it serves. The plant distributes transformers for the construction and utility markets in Ireland and the UK and has been in operation since 1951, joining the ABB group of companies in 1992. ABB has another manufacturing plant in Dundalk, Co Louth and also has offices in Dublin, Cork and Lisburn.
The Waterford workers will be kept in employment until March and will receive a €3,000 bonus for the orderly wind-down of the factory during this interim period.
As part of the terms of the redundancy agreement, workers will retain their doctor scheme until the end of 2010, while an outplacement programme will be put in place to assist with the job placement of the staff.