Newport, South Wales - Irish insulation products manufacturer the Quinn Group has suspended plans to build a new factory next door to the former LG Philips site the firm took over in 2005 in Newport, south Wales, according to an article in the Irish Independent, later confirmed to Urethanes Technology International by a Quinn spokesperson.
The delay to the new plant, originally due to start production of insulation panels by the beginning of 2009, will mean a potential 340 new jobs will also have to be put hold, although this is not believed to affect production at the existing plant.
The company cited the downturn in the economy as the reason for the suspension. A company spokesman said: "We are going to lay off until the economy picks up. There is no point getting something up and running while the economy is slowing down."
There was no comment from the company about when the project is likely to get underway.