Trade union officials will today meet a receiver appointed to a midlands based cable production company in an attempt to draw up a survival plan for the business which employs more than 100 people.
B3 Cable Solutions Ireland Ltd has been placed in receivership as it no longer has funds available to continue trading. It manufactures copper-based cabling at a plant in Aghafad, Longford.
It has changed ownership on several occasions during its three decades of manufacturing in Longford and is now a division of an international group with an annual turnover of more than $200 million.
Alan Flanagan of Deloitte has been appointed receiver and manager over the business and assets of B3. He said he would complete an immediate review of the company's operations and engage with interested parties.
Siptu, which represents the majority of the 106 full and part-time staff at B3, said the news came last night as a serious surprise to the workers as they had engaged in considerable restructuring of work patterns at the plant less than two years ago.
Branch organiser Seán Nolan said Siptu and the B3 staff would meet Mr Flanagan at 4pm today to discuss the future of the plant. He said he was hopeful the business could be sold on as a going concern.
