Sixty-six jobs were lost yesterday at the Scram factory in Carrick-on-Suir, Co Tipperary.
The lay-offs were announced to workers at the US multinational, which makes parts for bicycles.
The job losses equal half of the workforce at the plant.
The company said the lay-offs were a result of customers sourcing cheaper parts in China.
Commenting on the job losses, the Fine Gael spokesman on enterprise, trade and employment, Mr Phil Hogan, said they were a direct result of Government policies.
"If they want to find the root cause of their plight, they should look no further than Finance Minister Charlie McCreevy and the Tánaiste, Mary Harney," Mr Hogan said.
"Fine Gael has warned this Government again and again that unless stealth taxes and competitiveness are addressed, business won't be able to compete with those in cheaper economies like China and India," he added.