The €9 million company based in An Cheathrú Rua, Galway announced today that they are getting rid of 20 of their 75 workforce (over 26%, yes we love maths). Silcotec manufacturers equipment for medical, defence and aerospace sectors. The reason for the redundancies according to the managing director Stephen Bullock was mainly due to competition in Asia and an effort to reduce their cost base to be more competitive.
Yet another Irish company feeling the pinch from the competitiveness of Asia.