US manufacturer Caterpillar is planning to cut up to 700 jobs at its electric power plant in Northern Ireland.
The engineering giant, which manufactures and sells mining equipment, diesel engines and gas turbines worldwide, said the decision will affect workers at its plant in Larne, Co Antrim.
The redundancies will affect workers in production, support and management positions, the company said.
It is expected to be completed within 18 months and is designed to ensure the businesses remains competitive amid widespread economy uncertainty.
However the company said the decision is unrelated to Brexit, Covid-19 or the end of furlough schemes.
The total number of Caterpillar employees in Northern Ireland is currently about 1,600.
The Caterpillar manufacturing facility in Springvale will not be affected by the job cuts - however a spokesman warned it’s considering a potential sale of its Belfast base.
Joe Creed, vice president of Caterpillar's Electric Power Division, said: "We recognise that what we are considering is difficult for our employees, their families and the community.
"We do not take these contemplations lightly; however, we must plan for future business needs to be competitive."
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A consultation on the proposed job cuts will be held with representatives of both full-time staff and casual workers.
The firm said the restructuring could begin before the end of this year and it expects the process to be complete by May 2022.
Caterpillar said it would support its workforce during the transition period and intends to provide severance packages to redundant employees.
Caterpillar, founded in 1925, is a world-leading manufacturer of generators.
The company also licenses and markets a line of clothing and workwear boots under its Cat. name.
It reported revenues of $53.8billion - £41billion - last year globally.
In a statement on Thursday, the company added it was also "considering the sale" of its Millennium office building in the Springvale Business Park in west Belfast.
If the sale goes ahead, it said the remaining employees in would be "relocated" to its Larne plant.
