In a release issued this week by its parent company, Cookson Group - a leading materials science company - the majority of the stampings operation currently undertaken in England will relocate to the same Thai facility, and certain other products will increasingly be sourced from the group's US-based precious metals business.

The Dublin sales office will close, with the Irish market being served directly from the United Kingdom as well as through a local distributor.

"These initiatives, which are expected to result in the loss of some 80 jobs, will result in annualised cost savings of approximately £2 million [Bt139 million], at a one-off cash restructuring cost in 2007 of approximately £1.8 million and capital expenditure of £0.6 million," Cookson said in the statement.

"The UK market remains subject to increasing low-cost imports and hence these measures are necessary in order to ensure our competitiveness," said CEO Nick Salmon.

The restructuring of the manufacturing operation is to be implemented on a phased basis during 2007.

UK Precious Metals consists of a manufacturing operation producing alloy materials, components and semi-finished and finished jewellery, and a distribution and logistics operation supplying these products to manufacturers, designers, independent jewellers and retailers.

While its distribution and logistics business was restructured last year, the manufacturing business has, however, continued to suffer from weakening demand in the industry overall and increasing competition from low-cost imports.