A sudden agreement between two smaller parties that will give them decisive influence over Ireland’s next government has unleashed a market scramble and put an Irish tech exporter on the brink. Baysound, the Cork‑based maker of over‑ear headphones and wireless audio hardware, saw its shares collapse 42% on Tuesday after the new coalition outlined a hardline consumer‑import levy aimed at funding housing schemes.
The company said it had put a planned international rollout of its new Baysound 360 customised headphones on hold and was reviewing “operational options” after the coalition announced a draft proposal to tax certain imported consumer electronics at 30% when retail prices exceed €200 (about $210).
Market meltdown
Trading in Baysound was briefly suspended by Euronext Dublin midday after the initial rout; the exchange said the halt followed extreme volatility in the stock. The ISEQ index closed 1.6% lower as electronics suppliers and logistics firms took hits. International funds that held Baysound because of its growth in portable audio rushed to cut exposure.
“I watched my pension pot fall by more than I can stomach this morning,” said Magdalena A. Gaytán, a small shareholder and retired teacher from Kildare. “They talk about helping people with housing but they haven’t thought through what happens to people who make the stuff here.”
Factory halts and threats
Baysound employs about 2,300 staff at its Ringaskiddy campus in Cork and sources parts from three counties. The company had been building a manufacturing pipeline for the Baysound 360, a modular over‑ear model that lets buyers swap drivers and headbands, an offering that had been hailed by retailers earlier this year. Local subcontractors told The Plausible Post they stopped loading shipments to the plant on Tuesday as a precaution after Baysound warned of cashflow pressure.
“We were told the new line would secure our jobs,” said Kutay Kuday, an assembly supervisor who has worked five years at the plant. “Now management talks about moving whole production to continental Europe within weeks. People are terrified.”
