Fears are growing tonight for the future of 400 workers at Waterford Cyrstal plant in Dungarvan.
Management have called a meeting with the entire workforce to discuss the future of the company for tomorrow but are refusing to comment on speculation at the plant that redundancies are about to be announced.
Around 1,500 skilled workers are employed at the company's two plants in the south east and speculation has mounted over the last few months that the Dungarvan site will shut.
John Deasy, Fine Gael TD for the area, said employees at the plant were now fearing the worst. "There has been speculation for months about Dungarvan and no-one knows what the future is," he said.
"Workers do not even know themselves what to expect, but they are not expecting any good news."
Management are due to meet employees and representatives from the ATGWU to discuss the future of the world famous factory. Union leaders confirmed the meeting had been called at the request of Waterford Crystal management.
A second meeting is due to be held in the afternoon to discuss the future of employees in Waterford city. Mr Deasy said he had contacted the Department of Enterprise to arrange a meeting with Minister Micheal Martin to discuss the future of the crystal maker.
And he blamed a continued slump in sales to the United States and difficult market conditions for the crisis at the company.
Fianna Fáil TD in the area Ollie Wilkinson said if redundancies are announced that suitable employment should be found for those who lost their jobs.
"The acclaimed brand has a reputation for its excellence. This has undoubtedly developed from the dedication and excellent craftsmanship of the Waterford Crystal employees. Such skill must not go to waste," he said.