Roadbridge, one of the country's biggest civil engineering and construction firms, has announced it is to go into receivership.
The company founded in Limerick by the late Pat Mulcair in the 1960's employs 630 people in Ireland, the UK and Sweden, and is involved in some of the biggest infrastructural road, energy and water projects in Ireland the UK and Europe.
It has been involved in the construction of the second runway at Dublin Airport, the Limerick Tunnel, and the Limerick Greenway.
It was working currently on the Coonagh-Knockalisheen distributor road in Limerick, and was recently appointed as contractor for the Ballaghadreen by-pass in Roscommon.
"It is with regret that, as result of insurmountable financial challenges, the Board of Roadbridge Holdings Ltd announces that it has requested Bank of Ireland to appoint receivers to the company," Roadbridge said in a statement this afternoon.
Aidan Murphy, Chairman of Roadbridge said they have been "working tirelessly" for the last number of months to find a solution to the "grave challenges" faced by the company.
"My fellow directors and I greatly regret having to take this step, but unfortunately, it was the only possible option at this time," Mr Murphy said in a statement.
"The Board recognise the support of all our stakeholders, including our bank, Bank of Ireland, in difficult circumstances as the directors explored every opportunity to save the company.
"We are committed to working closely with the receivers now in order to get the best possible outcome for employees, creditors and stakeholders," he added.
The receivers are Stephen Tennant and Nicholas O'Dwyer of Grant Thornton.
Tánaiste Leo Varadkar has described the news as "extremely concerning".
In a statement, he said officials in the Department of Enterprise, Trade and Employment and in Enterprise Ireland have been asked to engage with the company "as a matter of urgency".
Mr Varadkar added that the Government "is on hand to help in whatever way it can".
Meanwhile, the Irish Plant Contractors Association has said its members are willing to provide employment to staff of Roadbridge, in the event they lose their jobs because of the receivership.
It said members have plenty of available positions including for quantity surveyors and machine operators.
"In times such as this the industry should work together to ensure crucial skills are kept in the country," it said.
Opportunities can be explored by contacting the association.