More than 150 people are to lose their jobs in Cork, following an announcement by the pharmaceutical company Pfizer that it is to sell one of its manufacturing plants at Loughbeg in Ringaskiddy. But the sale means that between 70 and 80 jobs will be saved at the plant.

Pfizer is one of the world's biggest pharmaceutical companies and employs more than 2,000 people in Ireland, most of them in Cork.

In February, 2007 the company announced that following a review of its Irish operations, it was closing one of its manufacturing units at Ringaskiddy and selling two others, one at Loughbeg and the other at Little Island. More than 500 jobs were affected.

In August, Pfizer said it had failed to find a buyer for the Little Island plant. The company announced that this facility would close by the end of 2009 with the loss of 180 jobs.

But Pfizer has succeeded in finding a buyer for its manufacturing plant at Loughbeg in Ringaskiddy, saving up to 80 of the jobs there. But the remaining 150 jobs will be lost. The sale to Portuguese pharmaceutical company Hovione is expected to be completed in April of next year.