Workers at the Westmeath manufacturing firm Iralco have voted over overwhelmingly in favour of a survival plan that will secure over 300 jobs at the plant.

The plant, which currently employs 420 people, produces components for some of Europe's car manufacturers, including Audi, BMW, Ford, Seat, Volvo and Jaguar. The firm went into liquidation in April due to financial difficulties, this despite having a large number of orders on its books.

It was announced last month that the company has been conditionally taken over by Athenry-based company C&F Tooling. A proposal put forward by the new owners was accepted by over 90 per cent of employees at a general meeting last weekend.

Iralco, which has been based in Ireland since 1964, is worth an estimated €8 million per annum to the local economy.

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