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The decision was based on a comprehensive strategic review of Element Six's global manufacturing operations in pursuit of price competitiveness and the company's long-term development. Among all the production sites in the Element Six Group, the Irish Shannon factory has the highest production costs. Despite the fact that some expenditure-cutting projects have been run in the past few years, Shannon’s continued production is still unsustainable and its main operating business is at a loss. The current economic downturn has exacerbated the challenge. This is a very regrettable decision for Element Six, and they have also considered in detail a series of alternatives.
This decision will result in the loss of employment opportunities for about 370 people at the Shannon factory, while only 80 positions are retained. Most of the plant's production and sales activities will be transferred to other divisions of Element Six. Management will begin to reduce production and sales and will terminate these activities by the end of the year.
Element Six announces major restructuring
Element Six has decided to close its production and sales activities at its Shannon plant in Ireland. The company will retain the site and maintain its original high-skilled positions, such as product development, global customer service, and group support.