Úna Dunphy, of People Before Profit Waterford, has expressed her shock at the closure of the Waterford Cartamundi plant with the loss of 234 jobs.
The board game manufacturer has announced plans to close its Waterford factory after 45 years in business. The manufacturing facility first opened its Cork Road plant as MB Games in 1977, before being acquired by Hasbro in 1984. Cartamundi, whose parent headquarters are based in Belgium, took over the business in 2015. It has now blamed a post-Covid slump in demand for games, and rising costs, for the decision to shut the Irish factory in August.
“This plant in Waterford” says Úna, “has been profitable for decades, and continues to make Cartamundi millions in dividends. Company filings show the Irish unit paid out big dividends in each of the years since it came under its ownership”.
Revenues at the Irish entity jumped from €60 million in 2020 to more than €62.4 million in 2021, due to a boom in board gaming during the pandemic. Company Accounts, filed last year, showed the Irish company paid a dividend of close to €2.9 million to its parent company for the 2021 financial year; and described a “profitable and cash generative” business, stating that there were no material uncertainties “that may cast significant doubt” over its ability to continue as a going concern.
The company now claims that the decision to close the factory is due to “structural overcapacity and reduced demand for board games globally post Covid”.
The loss of 234 jobs in August for the workers who have put years of hard work into the company is devastating. People Before Profit calls for the workers to be provided with all possible supports by Cartamundi. A fair redundancy package that reimburses them for their loyalty and commitment for many decades work, and every assistance in finding new employment is the bare minimum that these workers deserve.
These cruel job losses are happening in a situation of chronic lack of investment for workers in Waterford. The cost of living crisis is crippling working class people and money continues to leave the County. PBP calls for the Government to act and secure investment into Waterford to protect people’s chances of finding work.
