Up to 900 jobs could be saved at aircraft maintenance firm SR Technics after a bid was made to buy-out the troubled company, Siptu claimed today.
The trade union said there had been an expression of interest within the last 24 hours that would see the Dublin Airport plant and majority of the 1,135 jobs retained.
SR bosses and union chiefs met at the Labour Relations Commission for talks in a row over pensions and redundancy packages.
Pat Ward, Siptu branch organiser, called on the IDA to help support the bid.
"I understand the management buy-out would need about €25 million in IDA aid, which is half the expected cost to the Exchequer of letting the facility close," Mr Ward said.
"That is not to mention the loss to the economy of the skills base to the workforce and potential income it could generate, as it has for the past half century."
Management at SR Technics, which is headquartered in Switzerland, have blamed the pending closure of its Irish operation on rising costs, the global downturn, and loss of key contracts.
Workers and unions claim the redundancy package offered by the Zurich-based firm is unacceptable and have called for the Government to intervene.
A spokesman said: "SR Technics requested that the Court determine that its redundancy proposals be accepted as fair and reasonable considering the financial constraints which the company is under."
The company said it could not increase its redundancy package, which amounts to €48.6 million and is conditional on the 60 per cent government rebate available to employers for statutory redundancies.
SR said it had provided funding for the package even though it was not legally obliged to.
The spokesman added: "The company has made it clear that it wants to do the best it can in difficult circumstances.
"However, due to the financial and commercial challenges which the company faces, it is not in a position to increase the funds available for the redundancy package and requested that the Court accept its proposals as fair and reasonable in the circumstances and to recommend them for acceptance by the SR Technics Union Forum."
Mr Ward claimed there were 600 people due to be laid off on Friday, adding the company had yet to let those workers know.
"Whatever financial justification the company offers for its callous attitude, it is really indefensible that it has yet to notify the employees of who exactly is going to lose their job on Friday," Mr Ward said.
PA