Israeli medicine maker Teva is to make 315 employees redundant from its Waterford plant in Dublin.
The firm currently makes inhalers and respiratory disease tablets at three manufacturing plants at the site. It is proposing to stop making tablets there within a year and will move production to low-cost economies including Hungary, Czech Republic, Poland and Croatia.
The sites currently employ a total of 730, including 70 at a research and design facility.
The move also appears to curtail a €65 million investment in the site announced last year which would have seen 165 more jobs created there over the next five years.
The company said Ireland’s increasing economic unfeasibility since the downturn began is to blame for the move.