Receivers have been appointed to the meat processing company Olsausen, which operates in Dublin and Co Monaghan.
Olhausen's 160 workers were informed today that the company has ceased trading after Ulster Bank appointed receiver Jim Hamilton of BDO to the company.
Mr Hamilton told workers that the company has closed without notice as it is no longer a going concern.
He said that Olhausen had been in financial difficulties and efforts to find a buyer had been unsuccessful.
SIPTU has confirmed that the receiver appointed to Olhausen has agreed to pay outstanding wages to all 160 employees. Workers will also be entitled to statutory redundancy.
More than 100 of the 160 employees work at the company's headquarters in Blanchardstown in Dublin.
The Olhausen company is well-known for its sausages and has been operating in Ireland for over 100 years. It also supplies a range of pork, ham, turkey and salami products to the retail and catering trade.
Apart from its Blanchardstown headquarters, it has production facilities in Coolock in Dublin and another in Lough Egish in Co Monaghan.