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Iron Mountain sells out of Ireland in €24m deal

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BOXED UP: Former Lehman Brothers employee Masa Serdarevic after the bank's collapse

BOXED UP: Former Lehman Brothers employee Masa Serdarevic after the bank's collapse

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BOXED UP: Former Lehman Brothers employee Masa Serdarevic after the bank's collapse

Iron Mountain, the storage and shredding company that became one of the symbols of the financial crisis, is selling off its Irish shredding operations as part of a deal worth almost €24m.

Sacked workers from Lehman Brothers or other crashed banks were widely pictured leaving their shattered employers with their remaining office belongings contained in Iron Mountain branded boxes. Thousands of high flying workers in the banking and financial services industries lost their job during the financial crisis in 2008.

The Boston-based company, which has revenue of more than $3bn, is jettisoning its shredding operations across Ireland, the UK and Australia to Canadian firm Shred-It in a deal worth about €24m.

The company has eight shredding plants as well as 90 mobile shredding units across the three countries and operates one major site in Ireland. A spokesman for the company said that the sale "doesn't affect our fleet in Ireland" and jobs cuts at the Irish operations are seen as unlikely.

Shredded documents have hampered the understanding of Ireland's crash and the bank guarantee with the Taoiseach Enda Kenny previously claiming that files relating to the fateful decision were "either shredded or disposed of".

Sunday Indo Business