Waterford Crystal has announced 234 redundancies as part of cost cutting measures.

The company informed unions at the company of the decision this morning.

It said 129 temporary employees were to be laid off and 105 voluntary redundancies would be sought from permanent staff, including manufacturing, management and support.

It is thought the company is seeking €15m in savings. The firm employs 1,500 people in Waterford City and Dungarvan.

Chief Executive, John Foley, said the steps were being taken to allow the company to be competitive.

Unions representing workers at Waterford Crystal are to meet the company's management next week to discuss the announcement.

Unions have described the decision as disgraceful, as the company was about to announce profits that they say were made by its workers.

It was also announced today that the Flextronics Factory in Tullamore Co Offaly is to lay off 10 workers.

The company, which is an electronics manufacturer, says 10 members of its production staff who were on temporary contracts are being let go.

Flextronics made 400 people redundant at its Tullamore plant just over a year ago. After today's redundancies the company now employs 95 people.