Business Irish

Wednesday 13 December 2017

Element6 reports €29m loss for 2008

John Mulligan

ELEMENT6, the industrial diamond manufacturer majority- owned by De Beers that last year shelved a plan to close its plant in Shannon, made a loss of $40.5m (€29m at the time) in 2008 as it paid out nearly $18m in redundancy and restructuring costs and administrative expenses rose to $151m from $131m.

Accounts just filed for the business at the Companies Office show that turnover at the business fell from $358.3m in 2007 to $351m in 2008.

The company had made a loss of $882,000 in 2007.

This time last year Element6, which derives its name from the atomic number for carbon, said it would lay off 370 people in Shannon following a decision to close the manufacturing and distribution site.

The company later unveiled what it described as a "bold plan" to secure the long-term sustainability of the Shannon operations and to retain 240 jobs there.

The accounts for the Irish arm show that its net debt at the end of December 2008 fell to $69.3m from $101m 12 months earlier.

Irish Independent

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