Newry-based veterinary supplies company Norbrook has announced it intends to cut 180 jobs.
The company cited "significant changes in its operating environment, including global economic challenges and increased competition" as the reason for the decision.
The company was founded in 1969 by the late Lord Ballyedmond and maintains sites in Newry.
In a statement, the company said that it will seek "to minimise the need for compulsory redundancies", and that it will enter into "a period of consultation with our employees".
The company said the decision had been taken "after exhausting other options and to best position the company to return to growth as the market stabilises".
Chairman and chief executive of Norbrook Liam Nagle said: "A challenging global economic environment, together with increased competition in the animal health sector, has impacted on our ability to achieve anticipated sales growth."
"We have taken a number of actions to address these challenges but, regrettably, the actions taken to date are not enough and we have had to make the difficult decision to reduce our headcount.
"This decision has been taken to best position the company for the future and enable a return to growth as the market stabilises.
"Going forward, the animal health sector is still a significant market globally and we have demonstrated our ability to manufacture, test and release products in FY23.
"We therefore have many reasons to be confident about future growth.
"However, these actions are necessary in the current environment in order to build a sustainable business for the long-term future.”
Want a quick and expert briefing on the biggest news stories? Listen to our latest podcasts to find out What You Need To Know.