UPDATE: Future of Guinness' Dublin brewery in doubt - company plans to develop a new brewing facility close to Dublin

Here is the promised update:

Guinness manufacturer Diageo has announced it is to close its brewing facilities in Dundalk and Kilkenny with the loss of up to 250 jobs.

The company intends to rejuvenate its St James's Gate Brewery in Dublin city and invest €650m in the historic site.

Diageo estimates that the sale of property and lands in Dundalk and Kilkenny will raise €500m.

Brewing has been taking place in Kilkenny for almost 300 years.

Diageo employs 85 people at its Dundalk brewery.

800 people are employed in Diageo's brewing operation, which also manufacturers Smithwicks, Kilkenny and Harp.

Staff at Diageo were told this morning that employees affected by the change will be offered relocation packages where possible, but severance packages, career counselling and outplacement support will also be made available.

It is announced plans to develop a new brewing facility close to Dublin, but the exact location of the new facility has yet to be announced.

It is possible that Diageo might be considering splitting off Guinness as a separate enterprise.

I live within a mile of the Guinness Brewery and would not be too upset to see it relocate to a greenfield site outside the city centre. At present it occupies a lot of very valuable land close to the city centre.

I will update you tomorrow