The board of Irish Fertiliser Industries has announced the company is to go into liquidation. Over 600 jobs will be lost in the closure of the company.
The company operates plants at Arklow, Cork and Belfast which employ some 620 people.
The decision has been met with disappointment by workers who say they had no idea it was going to happen.
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This evening's announcement comes following speculation about the future of the company's plant in Cork which, it was thought, might close to save the jobs at the company's other plants.
The board met its shareholders, the Government and British multinational ICI, in Dublin today to recommend the company go into liquidation.
The board said it was operating in a very difficult environment and it had no option but to seek liquidation.
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The Tánaiste, Ms Harney said she was "extremely disappointed" that, despite the efforts of all those involved, it had not been possible to find a solution to the financial difficulties at IFI.
This afternoon Ms Harney said: "My first concern is to ensure that everything possible to done to assist those converned to find alternative employment as quickly as possible."
Ms Harney said that the Government had been very supportive of the company in the past, but could only consider further investment if there was a viable business plan. "I regret very much that despite the very considerable efforts of the company. . . it has not been possible to produce such a plan," she said.
Ms Harney has agreed to meet with the IFI group of unions this Thursday to discuss the situation.