Galway construction company Oran Pre-Cast Ltd is to cut its workforce by 40.
The company, which employs 110 people, blamed rising costs and a fall-off in demand for its product. It today said it regretted the losses but expected to reemploy the workers when the market recovers.
This action was unavoidable given the present market conditions and is essential to ensure the future of the business," a company statement said.
The company, in Deerpark Industrial Estate, Oranmore, made a pre-tax profit of €392,262 in the year to February 2002, according to its most recent accounts.
The firm had a turnover of €7.3 million and a retained profit carried forward of €3.6 million.
Oran Pre-Cast was fined €500,000 last week for breaches of the health and safety laws following the death of an employee on a building site in 2001.