Glass manufacturer Taylor Made has announced the planned closure of its factory in Templemore, Co Tipperary where 62 people are employed.
Paul Walsh and Colm Dolan of Grant Thornton have been appointed as liquidators to the company and will manage the collective redundancy consultation process with staff and potential site closure.
Taylor Made said that over the past three years, it had seen a significant drop in demand within the business.
"Whilst the team have fought hard to gain traction into different customers and develop new products, the business has continued to make losses and indications are that the situation is unlikely to change in the foreseeable future," Taylor Made said.
"Having carefully considered our options alongside the challenging market conditions, it has become clear that we have no alternative but to enter into consultation with our 62 team members in Tipperary about a proposal to permanently close our factory in Templemore."
"This will have no immediate impact on site operations or jobs, and we are continuing to fulfil customer orders," a spokesperson said.
The company said that as part of efforts to support the business, over the past two years it had implemented a number of cost-saving initiatives as well as injecting significant working capital.
"We fully recognise the impact this decision could have on our team members in Ireland and we are committed to providing all necessary assistance during this time and supporting them through any finally determined transition," Taylor Made said.
The company is part of US firm Lippert.
The Templemore factory makes glass products including windshields and frames.
