Molex in Shannon, which employs 400 people, has announced that it is to seek 100 redundancies and a pay cut of 5%.
The company says this has come about as a result of a sharp fall in demand for its products due to the global financial crisis, and as a result of a shortfall of around $100m in the three months to the end of December 2008.
In order to keep costs in line with sales, the company said it was accelerating a restructuring programme initiated in June 2007 and reducing the number of workers at its businesses worldwide.
While it was not specific about job cuts, workers have been told the company is looking to reduce the Shannon workforce by 100, to cut wages by 5% and to reduce the working week.
Molex is one of the world leaders in the design of electrical and fibre optic interconnectors and switches for the telecom, computer, medical and military markets. It has been in Shannon since 1971. The company employes 33,000 people worldwide.
