Keenan Systems, which manufactures machinery used to feed cattle, has been placed into receivership.
The firm is based in Borris, Co Carlow and employs 222 people, of which 176 are in Ireland.
Takeover talks which could save the business are under way.
The receivers, KPMG, said they were confidence of selling the business to US-based group Alltech, which was founded by Irish entrepreneur and scientist Dr Pearse Lyons.
The directors of Keenan Systems called in receivers because the business is insolvent and recently suffered losses.
