US pharma giant Pfizer has sold its Loughbeg site in Cork to  Hovione, a Portuguese pharmaceutical company. Up to 150 jobs are to be cut.

The deal will be completed by early April and 70 to 80 of the existing 232 staff will transfer to the new owners.

Pfizer said in a statement today it was unclear exactly how many redundancies would be required due to be possibility of staff transfers but said there will be redundancies.

Pfizer, employs 2,300 people in Ireland,  and announced in February 2007 that it was closing its Ringaskiddy plant and putting its Little Island and Loughbeg plants up for sale following a global review of its manufacturing operations.

Minister for Foreign Affairs Micheál Martin said the cuts are devastating news for workers and their families.  “Ensuring these workers are given every support during the handover of the plant must now be a top priority,” said the Cork TD.

Martin said while the takeover is welcomed, the job losses will cause great disappointment in the communities of Cork Harbour. He stressed those affected should be kept updated of developments and the terms which will be offered to them.

Pfizer had contacted over 600 companies on the sale of Loughbeg as a going concern and it refused to disclose the price paid. It is believed that the cash value of sale was relatively minor. Hovione will also provide manufacturing services for Pfizer. The deal is receiving IDA Ireland support.