The Sudocrem manufacturing plant in north Dublin will be closing its doors with over 100 job losses expected.
Manufacturer Teva Pharmaceuticals said the Baldoyle factory will be closing by 2023 while production will be moving to Bulgaria.
A total of 110 jobs are expected to be lost in the plant which had been operating since the 1940s.
The over-the-counter cream, which is often touted as a cure-all, was first invented in 1930 in Cabra by Thomas Smith, who called it Smith's Cream, before later being renamed "Soothing Cream".
A spokesperson for Teva said: "Yesterday we met with employees at our Baldoyle plant to inform them of the proposed closure of the site, as part of a wider programme to optimise our global manufacturing network. We know that this news is disappointing for many, but we’ll do everything we can to support all our affected employees throughout this process.
"We’ll continue to have a strong presence in Ireland through our respiratory manufacturing plant in Waterford in addition to our commercial activities, and we remain fully committed to the Irish market."
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