Tag: Dublin Business News

Exposed to coronavirus: How Irish business is coping with fallout

Exposed to coronavirus: How Irish business is coping with fallout

Dublin-based entrepreneur Maurice Healy says nobody from his “crew” in China has returned to work yet after the extended holiday for the lunar new year.

Movements of people and workers has been severely curtailed in China as authorities attempt to stem the contagion from the coronavirus that has resulted in more than 2,000 deaths and left almost half the population living under some form of travel restriction.

Healy Group imports about €15 million worth of vitamins and other ingredients for pharmaceutical and nutritional products every year for use by its manufacturing clients across the globe. China is one of the biggest manufacturers of raw materials that go into vitamin C supplements.

Traditionally, it is the first week of March before full production returns in China due to the lunar year holiday period, but the extended break due to the virus and ongoing restrictions on travel and movement of people have knocked out schedules this year.

“I doubt I will be taking any materials of any significant amount in the coming weeks,” says Healy, who is still trying to assess when things might return to normal. “I wish to God I could tell. There is no certainty from the conversations I have been having and I am having those conversations two or three or four times a day.”

Our plants right now are back working, but probably working at 30 per cent of capacity 

With the level of recorded cases of the infection now at over 75,000, almost 99 per cent of which are in China, companies across the world are desperately working out their exposure to the fallout as the virus disrupts supply chains, manufacturing plants, and business and consumer demand in the world’s most populous nation, an engine of global growth.

This week alone has seen tech giant Apple warn about how the outbreak is hurting business in China more than previously thought; Adidas and Puma reveal how production and demand for their German sportswear have taken a hit in Asia; Jaguar Land Rover resort to having car parts flown from China to the UK in suitcases as supplies dwindle; and Beijing reportedly weigh measures such as direct cash infusions and mergers to rescue some of its airlines as the industry has been virtually paralysed.

— Read on www.google.co.uk/amp/s/www.irishtimes.com/business/exposed-to-coronavirus-how-irish-business-is-coping-with-fallout-1.4178749?mode=amp