Semi-Conductor Plant Sale ‘Unlikely’
The task force set up following the announcement Texas Instruments is to close has heard the sale of the business as a going concern is unlikely.
Council and Government leaders have joined forces to develop a strategy to mitigate against the impact of the company’s Greenock plant’s closure on the local and wider economy.
Chair of the Task Force and Inverclyde Council Leader Councillor Stephen McCabe said: “Every effort has been made to market the business but without a concrete offer on the table we now have to accept that a sale is unlikely.
“A huge amount is being done to help and support the highly-skilled workforce and to make sure they are in the best possible position to secure jobs should the plant close towards the end of 2018.
“We now need to look forward to beyond that date and make sure that we have a strategy in place to maximise funding and investment opportunities to minimise the impact on the local economy.
“To that end we will be looking for support from both the Scottish and UK Governments.”
Minister for Business, Innovation and Energy Paul Wheelhouse MSP said: “We continue to make every effort through Scottish Development International to secure a buyer for the plant.
“The Scottish Government and our economic development and skills agencies are committed to working with Inverclyde Council and other partners to support the Texas Instruments workforce at this challenging time and to support the development of the Inverclyde economy, through attracting inward investment and supporting local businesses to boost their competitiveness, to internationalise and to grow."
The closure of the plant will result in the loss of 318 direct jobs across Scotland. And, the financial loss to the Scottish economy in GVA (gross added value) is estimated at £32.2m.
A further assessment of the potential job losses including direct, indirect and induced jobs highlighted an increased employment impact of 572 jobs would be lost to the Scottish economy. That’s an increase on the previous estimate of 564.