Luxury yacht builder Princess Yachts is to axe up to 350 jobs following a meeting with more than 2,000 staff and unions.
The manufacturer, which has sites across Plymouth announced it would start redundancy consultations.
It's believed jobs will go across the company including, in back office and in its development and production divisions.
The luxury yacht makers marked 50 years in business last year and are due to unveil new boats at the London Boat Show next week.
Despite the cuts, the firm say they're looking forward to the new year 'with confidence'.
They say the job losses form part of a long-term plan to improve productivity across the company’s Plymouth facilities.
The boss of Princess Yachts International in Plymouth has issued reassurances to its 2,200 staff that job cuts are not on the horizon despite the luxury boat market facing choppy waters.
Princess Yachts' managing director Chris Gates said he was determined to retain the firm's large Plymouth workforce to prevent key skills being lost.
It comes as another Plymouth employer, dairy firm Milk Link, confirmed 35 jobs are under threat at its Marsh Mills office.