Staff at Honeywell Turbo Technologies on the IDA Industrial Park were informed at lunchtime on Tuesday that 74 jobs are to go at the plant, while shorter working hours are also to be introduced for some staff.
The company, which currently employs around 350 people, has stated that the redundancies will be voluntary in nature at the outset.
The job losses are understood to be as a result of a product reaching the end of its life cycle and another being difficult to produce competitively.
The redundancies have been described as a major blow to the city by Mayor John Cummins. However the Mayor welcomed the company’s commitment to supporting those who will leave the organisation with a comprehensive outplacement programme.