CG Services Limited in Cork, who announced they were to close with the loss of 120 jobs, said they had taken the decision to go into voluntary liquidation for a number of reasons.
These include the doubling of their insurance costs in the past year and the downturn in the number of heavy industrial projects.
They also lost almost $140,000 as creditors of Irish Ispat which, closed in June 2001.
The 24- year-old company dealt primarily with electrical construction and plant maintenance work for pharmaceutical companies and was a well regarded local employer.
A creditors' meeting has now been arranged for March 1. Earlier, TEEU Regional Secretary Pat Guilfoyle demanded the urgent appointment of a liquidator so that the issues of redundancy and minimum notice payments can be sorted.
