Abbott Ireland has confirmed that its operation in Mervue Business Park in Galway is to close with the loss of 500 jobs.
The company said that as a result of significant improvements in manufacturing efficiency and current market conditions, Abbott Vascular had excess manufacturing capacity at its facilities in Galway and Temecula, California.
The company said it hoped to reduce the impact on the Galway workforce by identifying employment opportunities in other Abbott manufacturing sites in Ireland. 'It also will provide competitive redundancy terms and outplacement and financial advisory services,' a statement said.
Abbott Ireland is one of Abbott Laboratories biggest overseas operations with a workforce of 3,400.
Abbott Vascular Devices in Galway employs 500 people. The plant manufactures stents to facilitate blood flow.
Abbott has 65,000 employees worldwide, and has had operations in Ireland for over 60 years. The firm has plants in Dublin, Galway, Clonmel, Sligo, Donegal, Longford and Cootehill in Co Cavan.
Last month, another Galway employer in the medical technology sector, Boston Scientific, announced plans to cut its workforce by 100. The company has shed more than 3,000 jobs worldwide as a result of intense competition in the medical devices industry.
