ABB is to close its plant in Waterford by the end of March next year, with the loss of 178 jobs.
The company said the plant is unviable due to significantly lower orders and the lack of potential business in the markets it serves.
The company said it was entering into a consultation process with its unions and employees and will do its best to support them in every possible way.
ABB's manufacturing unit in Waterford manufactures distribution transformers for the construction and utility markets in Ireland and the UK. The factory has been in operation since 1951 and joined the ABB group of companies in 1992.
The company continues to be fully committed to the market in Ireland, where it employs just over 400. It has another manufacturing plant in Dundalk, Co Louth and also has offices in Dublin, Cork and Lisburn.
