Pharmaceutical and healthcare company GlaxoSmithKline is to cut its workforce in Dungarvan by 130 people over the next four years.
Despite the announcement, the company has re-assured staff in Waterford that the future of its two manufacturing plants in the town is secure.
82 jobs will be cut between now and 2013 as part of what GalxoSmithKline called 'a cost-containment programme'.
The other 48 jobs will go between 2012 and 2014 as the company moves production of a number of Panadol products to a facility in Spain.
Vice President & Site Director Mike Willison said: 'Our aim is to remain focused on the long-term future of the site and ensure that we remain competitive.
'GSK will treat employees fairly and with respect and will provide the appropriate support for those leaving the company', he added.
The UNITE trade union, which represents over 500 of the 700 workers employed at the company's two facilities in Dungarvan, has said that workers are in shock.
A meeting of UNITE officials and shop stewards will take place at 6pm this evening.
UNITE will meet with company management at 11am tomorrow.
