400 jobs lost with Lufthansa Technik plant closure
Up to 400 jobs are being axed at an aircraft engine maintenance plant.
Lufthansa Technik Airmotive in Rathcoole in Co Dublin has announced it plans to close the facility.
The blow came within an hour of news that 700 finance jobs will be created at Deutsche Bank in Dublin in the coming years.
In a statement Lufthansa Technik Airmotive Ireland (LTAI) said it will begin immediate negotiations with trade unions representing workers at the jet engine overhaul facility.
It said the move follows an extensive review of operations at LTAI, in the context of declining revenues and shrinking international market opportunities.
Wolfgang Moerig, managing director of LTAI, praised the workforce for their contributions over the years, and expressed regret that the company was now at this point.
He said the increased quality and efficiency of the new generation of aircraft engines meant there was a reduced need for overhaul.
Airmotive Ireland was set up by Aer Lingus in 1980 with Lufthansa Technik taking a 60% shareholding in 1997 and full ownership in 1999.
By Sarah Stack