US company buys ClearStream
ONE OF Wexford's biggest employers is on its way into American ownership. Medical devices giant Bard has made a €50m offer for ClearStream in Enniscorthy. The 280 workers at the factory beside the Old Dublin Road were informed yesterday (Tuesday) morning about the buyout.
And they were also told that long-standing chief executive Andy Jones has decided to stand down after 15 years in charge. It is expected that the Ulster man will hand over the reins to Wexford native Pauline Oates as the new management takes charge.
Staff were assured that the prospective new owners intend to maintain the ClearStream brand, as well as honouring contracts with both staff and customers. They have indicated that they intend continuing to manufacture devices in Enniscorthy and to maintain a research and development unit there.
'No one is saying that there will be no changes, but the long-term future for ClearStream is very bright,' commented Andy Jones. The plant makes and develops devices to assist circulation in diabetics and other patients with blood flow problems.
US-based Bard used to have an Irish presence in Galway up to 1998. They are a vast enterprise with a work-force of 12,000 scattered around the globe.
Sixty per cent of ClearStream shares were signed up to the Bard deal up to yesterday (Tuesday) afternoon, and CEO Andy Jones was confident that the 80 per cent required to complete the takeover will be achieved within a few days. With the purchasers offering an 84 per cent premium on the share price at the close of the market on Monday evening, he described the choice facing the remaining shareholders as a 'no-brainer'.