Singapore Food Industries (SFI) has decided to wind up its loss-making Irish business Swissco.
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SFI announced the move yesterday (17 December) after a court-appointed examiner failed to find a new buyer for the business.
Dublin’s High Court placed Swissco, a ready-meals maker, into liquidation on Monday. Around 150 workers then staged a sit-in at the Cork-based site over fears at pay and redundancy packages.
The workers ended the sit-in on Tuesday evening after union representatives received assurances they would be paid outstanding wages.
“Progress was made through these direct discussions and we secured agreement that our members would receive payment of wages owed to them,” Alan O’Leary of the SIPTU union said yesterday.
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By GlobalDataReports in Singapore have claimed that there had been concerns about a number of SFI’s business from minority shareholders in Singapore Airport Terminal Services (SATS), which has made a takeover bid for Temasek Holdings’ 69.68% stake in SFI.
A spokesperson for SFI, however, declined to comment on the reports and any further on the potential takeover of the business.
SATS has agreed to pay S$334.5m (US$233.5m) for the stake. The cost of the deal is expected to rise to S$509.2m once SATS buys the rest of the shares in SFI.
SFI, which produces frozen convenience foods and traditional Asian snacks for the Singapore market, generates around 60% of its business in the UK, where it owns Daniel Chilled Foods, ready meal supplier International Cuisine and puddings maker Farmhouse Fare.
