The US company Bourns Electronics is to close its manufacturing operation in Cork with the loss of 80 jobs.

The company, which makes electronic parts for the car industry, cites global competition and increasing manufacturing costs in Ireland for its decision.

The company, which has been in Cork for 26 years, is moving its manufacturing to Hungary and Mexico.

The closure is on a phased basis and is to be completed by the beginning of next year.

Ten jobs at the company will remain in Cork.