Bausch & Lomb in Waterford is putting its 1,400 employees on short-time working next month.
Staff will have to take unpaid leave of one week per month for at least the next six months.
Bausch and Lomb, which has its headquarters in the US, make contact lenses and other eye healthcare products.
Management met with employees and union representatives throughout the day.
SIPTU Branch Organiser Marie Butler said: 'There are no jobs being lost and, in the current climate, this is to be welcomed.
'The plans for short time working have been put to SIPTU for discussion and we intend working with the company to make sure short time working is managed in a way that protects jobs into the future.'
The company is one of the biggest private sector employers in the southeast.
Limerick hotel goes into liquidation
The Castletroy Park Hotel in Limerick has gone into liquidation because of trading difficulties.
The hotel employs 130 staff.
A note on the front door of the hotel said: 'The directors regret to announce that the company has ceased to trade and the hotel is closed.
'The decision has been forced on the directors as a result of the current economic downturn, which resulted in trading difficulties, which were insurmountable.'
