Aircraft maintenance firm SR Technics, which is to close by August with the loss of 1135 jobs, is to be sold by its Swiss based owners.
It is understood that IDA Ireland and the Department of Enterprise Trade and Employment were notified of this development today.
While the identity of the purchaser is as yet unknown, it is understood the State agencies who were seeking to preserve as many jobs as possible are disappointed with this development.
It is believed that at most 250 jobs will be preserved, though it is hoped that those jobs would be in Ireland.
The State agencies including IDA Ireland had hoped that negotiations with other bidders could have saved up to 700 jobs in a new aircraft maintenance entity.
The Department of Enterprise Trade and Employment said the Government noted with serious concern today's announcement by SR Technics regarding the proposed sale of certain assets on their facility in Dublin airport.
The Tánaiste, Mary Coughlan, has had extensive contacts with SR Technics over the past number of months and is extremely disappointed at today's development.
The Tánaiste will continue to work with the IDA, Enterprise Ireland and the Dublin Airport Authority as well as the remaining bidders and any other interested parties to maximise the employment opportunities at the plant in addition to the 250 plus jobs, which will remain in line maintenance and design.