Car components firm Iralco reopens for business as usual today after management briefed staff yesterday on plans to secure work for the next six months.
The High Court ordered the company to be wound up this week after the management said the business was in a dire financial state despite having plenty of work on the books.
But union leaders said on Friday they had secured a commitment from liquidators to reopen the factory if contracts with major car makers were maintained.
Management met with around 350 of the 400 strong workforce to address their concerns yesterday.
The Iralco plant in Co Westmeath has been an employer in the Midlands for the past 40 years but 400 workers were left facing an uncertain future. The meeting was held at the GAA clubhouse in the Downs, outside Mullingar.
Iralco is one of the longest-established manufacturers in Ireland and was set up in 1964 in Collinstown. At one stage it employed 900 people and its customers are some of Europe’s best-known car manufacturers, including Volvo, Bentley, Ford and Volkswagen.
Management attempted to cut costs in the past few months and warned workers of the financial trouble but ultimately were unable to make enough savings to keep the business afloat.
It is understood the Iralco workforce have missed out on pay rises in line with national wage agreements over the past few years as the company struggled to compete in the global market.
PA