US manufacturer Caterpillar is planning to cut up to 700 jobs in Northern Ireland.
The majority of the losses will be at its plant in Larne, Co Antrim.
Staff were informed of the decision in a series of briefings this morning.
The jobs at risk include production, support and management positions.
Unions have described the news as a devastating blow to manufacturing in Northern Ireland and the local economy in Larne.
Caterpillar says the cuts, which are expected to be competed within 18 months, are not a result of Brexit or Covid-19.
In a statement the company said the move is needed to improve its cost competitiveness.
"We recognise that what we are considering is difficult for our employees, their families and the community," said Joe Creed, vice president of Caterpillar's electric power division.
"We do not take these contemplations lightly."
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Caterpillar is a world-leading manufacturer of generators and currently employs around 1,600 people in Northern Ireland.
It also has two sites in west Belfast, including a manufacturing facility that produces axles and transmissions for trucks. That factory is not affected by the cuts.
The Unite trade union has said it believes much of the production being lost from the Larne facility is to be outsourced to India.
In a statement it called on the Stormont Executive to do all it can to safeguard the highly skilled jobs.
"This is a scandalous decision geared only to increase further the company's corporate profits," said George Brash, Unite's regional officer.
"It is vital that the Stormont Executive respond to the crisis in our manufacturing sector.
"They need to intervene with every political lever at their control to safeguard jobs and sustain manufacturing capacity, as well as developing the manufacturing jobs for the future."
The announcement is part of Caterpillar's ongoing plans to better utilise existing capacity and improve cost competitiveness.
Additional reporting PA
