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31/10/2007
Seagate Will Repay Millions: Dodds
The Assembly Executive has promised to claw back some of the millions of taxpayers' money invested in the ill-fated Seagate factory.
The American-based electronics company, which has announced it was closing its Limavady factory with the loss of more than 900 jobs, received more than £12m from Invest Northern Ireland and its predecessor IDB since 2001.
Department of Enterprise, Trade and Investment Minister Nigel Dodds said that a significant proportion of that Government investment would be returned.
"There are claw-back arrangements in place which will be fully utilised," he said.
"We are not yet sure of the exact figures, but this is something that will be worked through.
"I can assure you claw-back arrangements will be implemented in respect to Seagate as they would be with any other type of investment. I've no reason to doubt that money will be recovered,” he said.
Mr Dodds said it was important to remember that Seagate was still maintaining a major presence in Northern Ireland at its Springtown plant in Londonderry,"
Much of the work currently undertaken in the plant will now be transferred to Seagate's new premises in Malaysia, where labour costs are substantially cheaper than in the Province.
(BMcC)
The American-based electronics company, which has announced it was closing its Limavady factory with the loss of more than 900 jobs, received more than £12m from Invest Northern Ireland and its predecessor IDB since 2001.
Department of Enterprise, Trade and Investment Minister Nigel Dodds said that a significant proportion of that Government investment would be returned.
"There are claw-back arrangements in place which will be fully utilised," he said.
"We are not yet sure of the exact figures, but this is something that will be worked through.
"I can assure you claw-back arrangements will be implemented in respect to Seagate as they would be with any other type of investment. I've no reason to doubt that money will be recovered,” he said.
Mr Dodds said it was important to remember that Seagate was still maintaining a major presence in Northern Ireland at its Springtown plant in Londonderry,"
Much of the work currently undertaken in the plant will now be transferred to Seagate's new premises in Malaysia, where labour costs are substantially cheaper than in the Province.
(BMcC)
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