Just one month after American payments processing company Yapstone marked ten years in Ireland, concerns have been expressed about its future plans for Ireland.
Well placed sources say that the 65 staff, who work from its International headquarters in Drogheda, County Louth, were told today that their jobs are at risk.
Labour TD Ged Nash, who is from Drogheda, said the potential loss of the jobs, "is a bolt out of the blue."
"Only a few short weeks ago, the company's CEO was in Drogheda to mark the tenth anniversary of the firm sitting its Irish operation in our town."
Deputy Nash, who is also the Labour party spokesperson on Finance, Public Expenditure & Reform said, "I understand that all of the staff in Drogheda have been notified that their jobs are at risk and that the company has informed them of their intention to close what they describe as their 'Irish entity’."
On 11 July, at an event to mark their tenth anniversary in Ireland, Frank Mastrangelo, Yapstone CEO, said, "Since launching in Ireland, Yapstone has undergone significant changes, weathered new challenges, and evolved with the times.
"This milestone showcases our resilience and agility over the last ten years," he said.
"I am incredibly proud and grateful to our clients, partners, and above all, our employees based in Ireland, who have helped us reach and exceed our goals over the last decade," he said in a press release at the time.
"I’d also like to extend our gratitude to IDA Ireland for their support and look forward to our continued partnership. Here's to another ten years."
Fine Gael deputy Fergus O’Dowd said, "I’m extremely concerned about the reports of the potential closure and subsequent loss of jobs in Yapstone, Drogheda" adding that, "this news has come as a complete shock."
"I immediately contacted the Tánaiste and Minister for Enterprise, Leo Varadkar, upon learning of the information and he confirmed to me that his priority at this juncture is to try and support the staff and secure their jobs into the future if at all possible. The Tánaiste has asked his officials and the IDA to meet with the company urgently," he added.
An IDA spokesperson said it will be meeting with the Yapstone tomorrow. The company has been asked for a comment.
The Tánaiste said the reports are "really concerning".
"I've asked my officials and the IDA to meet with the company to get more information.
"My priority is the staff and helping the company keep these jobs if at all possible.
"We've worked hard to create employment opportunities in all parts of Ireland and have a vision for Dundalk, Drogheda and the surrounding area, to be an economic corridor between Dublin and Belfast, which can compete for opportunities both North and South of the border.
"The Government is on hand to help here in whatever way we can," he added.
