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Sinn Féin response to drop in Dell share value

5 September, 2008


Sinn Féin TD and Spokesperson on Finance and Enterprise, Trade and Employment has called on the Government to investigate immediately reports that Dell may be looking to sell off many of its factories around the world to cut costs and improve profits, saying that were the company to sell its assets in Limerick and Dublin it would be hugely detrimental to the Irish economy.

Morgan said:

"Last week Dell shares plunged to an eight year low on the Nasdaq after the company reported disappointing earnings for the second quarter of the year. It has been clear for the last week that Dell will have to do something to appease its investors so today's report in the Wall Street journal should come as no surprise to the government.

"Even though an Irish spokesperson for the company has declined to comment other than to say the report is 'speculative' I believe it is incumbent upon this government to act immediately to establish if any of Dell's Irish operations will be hit.

"Dell provides huge employment in Ireland and is a powerful contributor to our GDP. I don't need to emphasise the fall-out that would occur were Dell to downsize in Limerick and Dublin.

"Inaction from the Government around this sort of news in the past has led us to the disastrous economic situation we are facing today and I am calling on the Government to immediately investigate the situation and take action if necessary." ENDS

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