THERE was bad news for a Shannon business this week with confirmation that up to 70 jobs could go at the Element 6 industrial diamond manufacturing plant.
But despite the immediate effects of the job losses, there are no fears in the long-term for the future of the former De Beers operation, with the company making a €25 million investment in the Shannon facility in 2013. The company also announced the recruitment of 40 extra staff, following the closure of its manufacturing base in Sweden.
Speaking at the time of the investment, company chief executive Walter Huehn said that previous cost-cutting measures at the plant had secured its future.
A company spokesman said this week that if the world market improves, contract workers could be rehired but the kind of growth necessary is not expected in the short to medium term.
The company, which is part of the De Beers group, celebrated 50 years in Shannon in 2013. It is a world leader in the manufacturing and distribution of industrial diamonds used in drilling and other industries.
The job losses are being attributed to a global downturn in the gas and oil drilling industries.
