The former IFI fertiliser plant in Cobh, Co Cork, is to be dismantled and shipped to its new owners in Chile over coming weeks.

The Cobh factory, which along with its sister operations in Arklow and Belfast employed 620 people before a slump in the fertiliser market rang a death knell for the company last year, will be rebuilt over six months and is expected to go into production soon afterwards.

The identity of the purchasers, a Chilean business conglomerate, is not being revealed but will be made known at an IFI creditors' meeting in November, said liquidator Mr Ray Jackson.

Some 250 temporary jobs will be created in Cobh while the plant and machinery are dismantled and prepared for transport to Chile.

Having posted €30 million annual losses IFI was put into liquidation last year by the Government, which held a 51 per cent stake in the group.

The company left estimated debts of €40 million, of which the banks are believed to have been owed two-thirds.

Bord Gáis and CIE were other major creditors, with around €6 million and €600,000 owing respectively.

IFI, in which Britain's ICI held a 49 per cent stake, imported gas via Scotland to its Marino Point plant in Cork where ammonia was produced.

The ammonia was transported to plants in Arklow, Co Wicklow, and Belfast where it was turned into fertiliser.

However, cheaper imports made IFI unviable and convinced the Government it would be fruitless to continue propping up the ailing group.