Michelin is to shut its tyre factory in Northern Ireland with the loss of cost 860 jobs - blaming intense competition from Asia and high energy costs.
The reasons for the decision place further pressure on the British government as they largely mirror those given by steelmakers in recent weeks for the loss of thousands of jobs.
Michelin said the Ballymena plant would be closed by mid-2018 under its proposals.
The company's statement said: "The proposal to run down the truck tyre factory in Ballymena has been made in light of the specific difficulties the site has been experiencing for several years: very aggressive competition and manufacturing overcapacity on the truck tyre market, heavy logistics costs due to its location and high production costs principally due to the price of energy".
"An employee consultation process will begin immediately regarding the run-down proposal".
"The Ballymena factory currently employs 860 people, and (the company) is committed to supporting those employees during the consultation and in the forthcoming months".
The announcement was part of a wider shake-up of its facilities in the UK, Italy and Germany, where it will also close a factory.
The company said the moves would result in investment in its operations in Stoke-on-Trent and Dundee in the UK.
However, the news is devastating for Ballymena - coming on the back of the planned closure of another factory in the town.
The JTI Gallaher tobacco plant is due to close by the end of next year with 870 staff facing the axe.
The Unite union's regional coordinator blamed the British government for today's announcement and warned that the decision would mean the loss of hundreds more jobs among contractors and in the supply chain.
Davy Thompson said: "Ministerial inaction has resulted in a situation where high energy costs have left the Ballymena plant having the second lowest operating efficiency and now facing closure".
He said the union would be working to try and get the company to change its mind.
Meanwhile, new figures from the CSO for the south of Ireland show that unemployment here fell again slightly.
