More than 130 jobs are at risk at Suir Pharma Ireland Ltd, located on the Waterford Road in Clonmel, Co. Tipperary. This scenario follows the appointment, by the High Court, of a provisional liquidator to this Tipperary-based pharmaceutical manufacturing company.
Originally named Clonmel Chemicals; the company had been involved in the manufacture of generic medicines for some 40 years in Clonmel, and today has been declared insolvent and is expected to be wound up.
Suir Pharma Ireland Ltd have blamed for its current difficulties, irreversible losses of some €4.9m during the 15 months prior to March 2015. The company sustained a large drop in sales in the US market late last year; and today projected further losses for future years.
The parent company Saneca Pharmaceuticals, which acquired Suir Pharma in June 2015, is understood not to be willing to further fund the operation, leaving it with no alternative but to apply to the High Court for the appointment of a Provisional Liquidator.
Insolvency practitioner Mr Michael McAteer of Grant Thornton has been appointed as the Provisional Liquidator of the company by Mr Justice Michael Twomey. Mr McAteer has also been granted the ability by the High Court to allow the company to continue to trade, and to take steps to secure the company’s assets.