French company FCI Ireland has announced it is to close its Co Cork manufacturing plant by the end of 2008 with the loss of 240 jobs.

The company said it had decided to cease manufacturing electrical connectors in Fermoy as part of a global restructuring plan. 

For the past ten years, the French company has made precision electrical connectors for the automotive industry in the town, employing 260 people there.

20 people will continue to be employed in customer support after the closure.

The company said it plans to move manufacturing operations to low-cost locations.

The north Cork town is still reeling from the announcement before Christmas that BUPA Ireland, which is withdrawing from the Irish market, plans to close its Fermoy headquarters with the loss of 300 jobs.