The Tyrone Crystal Factory in Dungannon is to close with the loss of 31 jobs.
The company issued a statement this afternoon making the announcement, saying that it had notified staff of their redundancies and was now winding down its business.
Tyrone Crystal said it had in recent weeks tried unsuccessfully to sell the business as a going concern.
The company began trading in 1971. It was established by a local priest to attract jobs and industry to the Dungannon area.
Many of the highly-skilled workers have been employed by the firm for decades.
Four years ago this month, a group of businessmen led a management buy-out of the company.
Plans to grow the business and secure sales in new and existing markets have been badly affected by the global economic downturn.