Bourns Electronics has announced it is to close its manufacturing and support operation by the middle of next year with the loss of 80 jobs.
The US firm, which operates in the Mahon Industrial Estate in Cork, will leave just 10 personnel in Ireland as it moves its operations to lower-cost economies in Hungary and Mexico. It blamed high costs in Ireland and tighter margins in the global markets.
Minister for Enterprise, Trade and Employment, Micheál Martin, who is a TD in the city, said the news was "very disappointing".
"It is clear that the workforce in Cork has performed very well and this decision was not based on the performance of the workers," he said.
"FAS and the other agencies of the State will give the workers losing their jobs every possible support in securing alternative employment."
The company's principal business is electronics for the telecommunications and car industries along with consumer products. The California-based company opened its facility in 1998 and employed 430 at the peak of its production.
Cork North Central TD Kathleen Lynch said the job losses were the latest in a series of blows to hit Cork area.
"Coming so soon after the announcement of the loss of so many jobs at Motorola, the unfortunate truth is that Cork is heading towards becoming an employment blackspot," she said.
"Not only has this happened on [Micheal Martin's] watch, it is happening in his own back yard. At this stage he simply must take action and instruct the various agencies to prioritise Cork in terms of the search for new manufacturing jobs."