Swimwear manufacturer Speedo is to quit its native shores of Australia with the closure of its Sydney plant.

The company is set to move production abroad citing that it can not compete effectively on the international market due to the higher costs involved in its high standards on human rights and environmental matters.

A report from West Australian Newspapers Ltd revealed that 65 workers from the Sydney plant had already been sacked in preparation for the move and that the remaining 55 workers were to concentrate on designs.

Speedo was first launched in Australia in 1914 and has become one of the most well known swimwear brands in the world.