Wexford based electric cable manufacturer Irish Driver-Harris is to close down with the loss of 47 jobs.

In a statement the company said that “large losses, reduced availability of supplier credit, and very aggressive price competition” led the company’s directors to conclude that it could no longer reasonably continue to trade.

Staff were informed of the news this lunchtime at a meeting where management expressed their deep regret at the necessity of the decision.

The company’s creditors will meet on February 11th to vote on the appointment of Gearoid Costelloe of Grant Thornton as company liquidator.

Based in New Ross, county Wexford Irish Driver-Harris has been manufacturing electric cable for over 80 years, for supply to the construction industry worldwide. Led by managing director Frank Driver, the company supplies its cable in Ireland, UK, northern and central Europe, Middle East, Far East and North America. The Irish Times.