The company said the decision to move all operations at its Cork facility to the firm’s locations in Poland and Mexico was “difficult”.

“The decision to close the facility was taken after a detailed evaluation of our operational footprint, reflecting a softer macroeconomic environment,” said Scott Watson, ILC Dover chief operating officer.

The Cork site will continue its production activities while ILC Dover management will enter a consultation period with its employees during the wind-down process.

ILC Dover was founded in Delaware in 1947 and designs and makes a range of products for the biopharmaceutical, pharmaceutical, and medical device markets and is a leading supplier for the aerospace industries.

The company expanded into Ireland in 2018 with the Cork facility, creating 70 new jobs at the time.

The exact reasons for ILC Dover’s planned departure is not yet clear but many factories in Ireland have been hit by a fall in new business.

Irish factories saw new orders fall at the fastest pace so far this year in September, driven by a lacklustre demand in key export markets including the UK and the eurozone.

In the latest AIB Purchasing Managers Index (PMI) for manufacturers, a leading industry survey, manufacturers reported a decline in spending among their clients, which created lower production volumes compared to August.

"There was only a marginal decline in manufacturing production though, with firms continuing to work through order backlogs, which helped maintain output levels,” said AIB chief economist Oliver Mangan.

The headline PMI was in contraction territory last month at 49.6, slightly below the neutral 50 threshold, and down from August's six-month high of 50.8.

“The Irish PMI remains higher than elsewhere,” said Mr Mangan.

 "The flash September manufacturing PMI readings were again very weak in the eurozone and UK, at 43.4 and 44.2 respectively, while the US index stood at 48.9," he said.