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One of Newry's largest employers, Norbrook has announced that it is reducing its workforce by around 180 people. The global veterinary pharmaceutical business started in 1969 by the late Lord Ballyedmond has four premises in Newry and two in County Monaghan as well as locations overseas. The company employ over 2200 staff globally and their products are distributed in over 120 countries throughout the world.
Citing increased competition and global economic challenges the business plans to minimise compulsory redundancies with the offer of voluntary redundancy packages.
A statement from the company said "Due to significant changes in its operating environment, including global economic challenges and increased competition, the company today (3rd May 2023) informed employees of its intention to realign production capacity with revised sales forecasts by reducing its headcount by around 180 people.
The company believes it is necessary to best position the company to return to growth as the market stabilises and are currently exploring ways to minimise the need for compulsory redundancies. Norbrook is consulting with their employees and will be offering voluntary redundancy packages.
Liam Nagle, Chairman and CEO of Norbrook, said: “In response to higher sales predictions, Norbrook invested over £10million in FY23, primarily in increased headcount that would support increased manufacturing and product release. However, in the past year, a challenging global economic environment, together with increased competition in the animal health sector, has impacted on our ability to achieve anticipated sales growth. We have taken a number of actions to address these challenges but, regrettably, the actions taken to date are not enough and we have had to make the difficult decision to reduce our headcount.
The Norbrook CEO added "This decision has been taken to best position the company for the future and enable a return to growth as the market stabilises. Going forward, the animal health sector is still a significant market globally and we have demonstrated our ability to manufacture, test and release products in FY23. We therefore have many reasons to be confident about future growth. However, these actions are necessary in the current environment in order to build a sustainable business for the long-term future.”
Sinn Féin MP Mickey Brady called the loss "a huge blow to families across Newry and Armagh."
The Newry and Armagh representative said “Norbrook is a huge employer in the local area and the impact of this decision will be felt right across the community." Mr Brady has requested an urgent meeting with the company and asked that workers are kept fully informed throughout the process.
