Some 33 positions are to be lost in Dundalk, Co Louth, as equestrian and pet products company Horseware Ireland confirmed an “adjustment of operations”.
The company was established in the Border town 36 years ago and employs more than 500 people globally.
Earlier this year a majority stake investment was made by London-based private equity firm Lonsdale Capital Partners.
The changes, including the transfer of 44 office-based staff to a new global headquarters further down the M1, will bring its presence in Dundalk to an end.
The company said the changes are to ensure sustainability for the future and “it will most regrettably be necessary to make up to 33 redundancies in production operations in Dundalk – as current manufacturing and resourcing requirements will change as part of this development”.
Horseware Ireland said adjustments were needed as it is facing intensely competitive market conditions worldwide where, over the years, it has transitioned to being a predominantly global business. The vast majority of its sales now take place internationally.
Mark Saunders, chief executive of Horseware Ireland said: “From time to time, even successful businesses like ours must recalibrate operations to ensure that we will stay competitive for the future, and that is what our current development is about.”
“We will be investing further in our business in Ireland including a modern new global headquarters, research and customer innovation centre that will underpin the future ongoing success of Horseware.”
Mr Saunders said: “We will support and assist each person to the maximum possible over an extended period of time towards March 2022 when we anticipate the conclusion of this necessary realignment.”
The company statement said all possible assistance would be provided to staff who may be affected, including outplacement support and the agreement of appropriate departure packages.
The location of the new global HQ is yet to be decided but it is closer to Dublin Airport and, the company said, “will continue to be convenient for work-related travel, including remote working on a hybrid basis which will benefit work-life balance”.