UP to 230 people will lose their jobs with the closure of a medical manufacturing plant that opened less than three years ago.
Last night, the Irish Independent learned that the Industrial Development Agency (IDA) was in discussions with the US multinational, Johnson & Johnson, to recoup state finance.
The money -- believed to be a seven-figure sum -- was invested in the Cordis Corporation plant in Cashel, Co Tipperary.
The plant opened in 2008 and it was anticipated at the time that it would employ 460.
However, at lunchtime yesterday, all 133 employees at the hi-tech manufacturing site were informed that parent company, Johnson & Johnson had decided to close the plant.
Up to 100 contract workers will also lose their jobs.
The plant will close by the end of the year.
Cordis, which manufactured coronary stents for heart surgery, was the biggest employer in Cashel.
Workers, who were absent from the site yesterday afternoon, were told at a lunchtime meeting that all jobs were to go as the parent firm had decided to leave the heart stent market globally.
Some, employed as product builders and support staff, gathered in the Brian Boru bar in the town centre last night. However, they declined to comment publicly on the job losses.
The redundancy terms have not yet been confirmed.
"It was coming down the line," one man told the Irish Independent.
"We have been going to going-away parties for contract workers who were being let go over the last three months. It was in the air; there was little work over the last few weeks."
Vice president of supply chain operations with Johnson & Johnson, Bryan Mohally said it was a pure business decision.
"I don't think you can argue against it when a decision is made to exit a global business," he said.
In better news on the jobs front, some 50 high-end places are to be created over the next two years with the launch of a new finance company.
Asset management firm BNY Mellon announced the creation of futures and derivatives company BNY Mellon Clearing International, to be headquartered in Dublin.
The new jobs will be in the areas of finance, risk management, technology, operations, sales, compliance and legal.
BNY Mellon employs more than 1,800 people in Ireland.