Cully & Sully sold to US buyer - A Good or a Bad thing?


Phil Maker

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One assumes they will pay CGT on what they received for the company.
no figures were announced, its all hush, hush with NY based company, do you expect full declaration?

I hope revenue keep an eye on Hain Celestials accounts...
 

darkhorse

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Spanner Island

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The tax contributions of the staff will pay back the taxpayer 10 fold and more
Would that not have been the case anyway? assuming it's a healthy and viable company and that Hain's hasn't bought it in some sort of fire sale?
 

Phil Maker

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The tax contributions of the staff will pay back the taxpayer 10 fold and more
how many executive salaries are there?

how many employees are there? are they on Tesco type wages? requiring FIS top up and council housing?
 

brughahaha

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Excellent products and I can understand them selling , but would be nice to have more multinationals that are Irish based and so retain the profits and Head office functions anf jobs here

No reason why it cant happen more often .....so i think its notterrible but prefer if it had remained an Irish company

And yes ,their mushroom soup is yummy and any grants they would have received would be more than covered by taxes paid in probability , not that it will stop the begrudgers
 

blokesbloke

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Price of an open economy I'm afraid - you win some, you lose some.

Glenn Dimplex have just closed the Valor gas fire factory which has been making fires a mile or two from my parents house for decades, and moved production to the ROI - probably a few more jobs for you there (or you'll be invaded by Brummies relocating to Ireland, which may well me a just punishment - yow tuk ower jobs, innit!).
 

healing hands

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Its awful news for Ireland. It grows the gap between GDP and GNP. What if Nokia had sold to a US Multinational once they started getting somewhere?
 

darkhorse

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how many executive salaries are there?

how many employees are there? are they on Tesco type wages? requiring FIS top up and council housing?
Even if they were all on the minimum wage, then all wages would have been spend in the Irish economy
Has to be worth more to the economy than being on the dole
 

Spanner Island

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Excellent products and I can understand them selling , but would be nice to have more multinationals that are Irish based and so retain the profits and Head office functions anf jobs here

No reason why it cant happen more often .....so i think its notterrible but prefer if it had remained an Irish company

And yes ,their mushroom soup is yummy and any grants they would have received would be more than covered by taxes paid in probability , not that it will stop the begrudgers
I'm not begrudging them at all. Good luck to them and I'd prefer they were able to do this than have the 'state' interfering and running things.

I simply think if the 'state' is going to invest in companies like this via grants, aid or whatever, that the 'state' needs to adopt a new approach which secures some equity in the companies in which it invests - (as a silent non interfering partner).

At least then when sell offs happen the state gets a share.

If venture capitalists etc. won't invest in companies without equity etc., then why should the 'state'?.
 

darkhorse

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Would that not have been the case anyway? assuming it's a healthy and viable company and that Hain's hasn't bought it in some sort of fire sale?
Most likely so - the sale of the business will have little impact on the local economy initially
But it seems likely that the US investors will expand the business and employ more locally
So more tax for the State will be the result
 

Phil Maker

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Even if they were all on the minimum wage, then all wages would have been spend in the Irish economy
Has to be worth more to the economy than being on the dole
How can you state that when we don't know the level of services, grants, loans etc that were provided by EI et al ?

You Sir, are talking through your arsé.
 

Spanner Island

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Even if they were all on the minimum wage, then all wages would have been spend in the Irish economy
Has to be worth more to the economy than being on the dole
Do you know something no-one else knows?

Was Cully & Sully in trouble or something and needed saving?

Because if they weren't then your points are kind of irrelevant.
 

brughahaha

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I'm not begrudging them at all. Good luck to them and I'd prefer they were able to do this than have the 'state' interfering and running things.

I simply think if the 'state' is going to invest in companies like this via grants, aid or whatever, that the 'state' needs to adopt a new approach which secures some equity in the companies in which they invest - (as a silent non interfering partner).

At least then the sell offs happen the state gets a share.

If venture capitalists etc. won't invest in companies without equity etc., then why should the 'state'?.
Fair enough , no problem with any of that ( as long as it was non voting stock)
 

Spanner Island

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Did you actually read my point?
I hadn't read #50 when I posted...

I take your point regarding possible expansion etc., but I didn't get the point you were making which seemed to imply it was a choice of either sell up or everyone's on the dole.
 

elliebee

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bad

another sell out

typical Irish stunt, same as Cooley

I will buy their stuff no more
What a shame. The meat is being scraped off our bones by vultures.
Well that leaves an opening now for a new indigenous company - How about Mrs Murphy's Real Irish Soup!!
 

Phil Maker

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Even if they were all on the minimum wage, then all wages would have been spend in the Irish economy
Has to be worth more to the economy than being on the dole
I ask again...

How can you state that when we don't know the level of services, grants, loans etc that were provided by EI et al ?
 

darkhorse

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I ask again...

How can you state that when we don't know the level of services, grants, loans etc that were provided by EI et al ?
They usually dont impose salary levels on employees but do offer employment grants
Which normally have to be repaid if the company closes - as happened recently
(They are not fools in EI you know)
 

Phil Maker

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They usually dont impose salary levels on employees but do offer employment grants
Which normally have to be repaid if the company closes - as happened recently
(They are not fools in EI you know)
You still have not addressed the costs borne by EI et al championing and coaching these guys.

once again the Irish taxpayer bends over....
 

Tim Johnston

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Cully & Sully has been sold to a US buyer...

Cully & Sully sold to US buyer - The Irish Times - Fri, May 04, 2012

Well done and good luck to them - but do you think this is a good or a bad thing?



There are plenty of benefits stated in the link but all I see is another successful indigenous company hoovered up by another foreign/multinational which may well see employment maintained and possibly even grow here, but will also mean profits being repatriated elsewhere.

Does this country have a future if successful indigenous companies are constantly taken over by major multinationals?

I don't think it does and I'd like to see any state investment in any company given in return for equity so that at least when these sell offs happen the state benefits.
from a business point of view?

We've sold the foreigners another bag of magic beans. Can't they make their own soup in America?
 
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