Concern over multi-nationals ” buying out the competition”

Sligo North Leitrim Fianna Fail TD Eamon Scanlon has raised concerns over multi national companies buying smaller Irish businesses and moving operations elsewhere.

His comments come following the shock news on Wednesday that Stiefel laboratories in Sligo is to cease operations by 2013 with 250 job losses.

The company was taken over just seven months ago by pharmaceutical giant GlaxoSmithKline.

Deputy Scanlon said that it is very worrying if multi-national companies are buying out smaller Irish firms in order to eliminate the competition.

He added that the Tanaiste has signalled that she will come down to Sligo to meet management at the plant .