Poultry business Moy Park has told staff it needs to close its plant at Moira, in Co Down, because of cheap foreign competition.
However, it said if the shutdown goes ahead in the spring, job losses might be avoided as workers could transfer down the road to the larger company site 20km away in Craigavon, Co Armagh.
Some 203 employees will each be offered similar employment in Craigavon.
The company says that 40% of the workers live closer to that plant than the one in Moira.
It added that relocation opportunities could also be possible for some of the 25 administrative staff in Moira if the plant closes and they would prefer not to take the redundancy option.
The company said the ‘harsh reality’ of today's market was central to it taking the tough decision of the need to shut the plant.
A consultation period with the workers is to be conducted before the final decision to close is made.
The company said the poultry business was one of the most fiercely competitive sectors of the entire food industry.
It said its announcement had been expected for some time, not least because part of the Moira production was in ready-to-cook chicken, a sector showing long term decline of some 18% a year.
Moy Park employs some 7,000 people, half in Northern Ireland and the balance in France.
MEP Jim Allister said any factory closure would be seen as a blow, but welcomed the news workers would be offered alternative employment.
Trade union Unite, which represents almost all the workers, said it would be reflecting in the next 90 days on how best to serve its members over redeployment and negotiating redundancy packages for those who wished to leave.
