Pharmaceutical company Teva is to close it Sudocrem manufacturing plant in Baldoyle in Dublin, with the loss of 110 jobs.
Production is to move to Bulgaria, with the Dublin factory expected to begin winding down operations in the third quarter of next year.
The move is scheduled to be completed by January of 2023.
"Yesterday we met with employees at our Baldoyle plant to inform them of the proposed closure of the site, as part of a wider programme to optimise our global manufacturing network," Teva said in a statement.
"We know that this news is disappointing for many, but we'll do everything we can to support all our affected employees throughout this process," the company said.
The company added that it will continue to have a strong presence in Ireland through its respiratory manufacturing plant in Waterford as well as commercial activities.
It added that it remains "committed to the Irish market".
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Sudocrem was first developed in 1931 by a Professor of Pharmacy and Dublin retail pharmacist Thomas Smith.
He found that the healing cream was excellent at treating nappy rash, eczema, pressure sores, incontinence rash and a variety of other minor skin lesions.
Due to demand, production grew through the 1940s and 1950s, when it was branded as Sudocrem.
Sales doubled during the 1970s and the product began to be made available in Northern Ireland and northwest England, before becoming widely available in the UK in the 1980s.
In 1984 the plant was set up in Baldoyle to cope with the extra demand.
Today the product is available in more than 50 countries around the world.
The senior director of corporate affairs for Teva UK and Ireland has said that the company is commited to Ireland despite announcing a decision to close its Sudocrem manufacturing plant in Dublin, with the loss of 110 jobs.
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Paul Williams told the News at One that the Baldoyle plant does not have the capacity to grow any further and as part of global consolidation plans it has decided to move production to an existing plant in Bulgaira.
Mr Williams said that the market is cut-throat and given the success of the Sudocrem brand, the company must make cost-based decisions for the future.
He said that Sudocrem 'is and will always be an Irish brand", adding that the name "comes from the Dublin accent".
The company will now start consultations with staff to explain why it has come to this conclusion and why it has to move forward in the business "in the least bad way".
Mr Williams said that Teva would try and do the right thing for employees and provide support and training and redundancy packages as part of efforts to help them move forward.
Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar said Teva's decision to close its Sudocrem manufacturing plant in Baldoyle is devastating news for the 110 employees affected and their families.
But Mr Varadkar welcomed the company's commitment to maintain a strong presence in Ireland, including to its Waterford plant.
He said he wants workers to know that the Government will also make all necessary State assistance available to them.
"The Minister for Social Protection is aware of the situation and we will work across Government, to help them find new employment, education and training opportunities as soon as possible," he added.
