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© alexey utemov dreamstime.com Business | October 23, 2019

500 jobs lost as Molex decides to close facility

Connectors and interconnect components manufacturer, Molex, has announced that it will shut down production and close its Shannon, Ireland, a decision that will affect about 500 employees.

In an emailed statement the company says that the decision was reached following a review of the product lines manufactured at its facility in Shannon, Ireland. The majority of products made at the Shannon facility are described to have insufficient financial returns and growth potential. Therefore, these products will either be exited or divested – with any remaining products transferred to other Molex facilities. “Having a market competitive cost structure is critical for building a sustainable business,” the company says in the statement. As a result of this, Molex will close the facility by the end of 2020, subject to an employee consultation process. The company says that the closure is will take place in a series of phases, starting in early 2020. “Announcing our intention to close this facility is very difficult due to its impact on our employees, and the deep ties Molex has with the region and its people having operated in Shannon since 1971. The decision in no way reflects on our Shannon employees, who have made an invaluable contribution to our business over many years,” the statement reads. The impact of the decision will impact up to 500 employees. The manufacturer says it is now focusing its effort continues on engaging with employees following the announcement, this includes programme of supports to help them with the transition ahead.
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November 12 2019 7:31 am V14.7.10-2