O'Dwyer Steel, one of the country's best-known suppliers of structural steel and farm buildings, has been placed in receivership after more than 50 years in business.
The business at Dundrum, Co Tipperary, currently employs 48 people between direct employees and subcontractors, supplying structural steel and cladding to the agricultural and industrial sectors.
John Hanley, head of agricultural sales, said the company was forced into receivership by a combination of bad debts that occurred in the industrial/commercial sector and a significant decline in business.
However, he insisted that the company still had a sizeable order book and prospects for the agriculture sector were positive.
Mr Tom Doheny, of Deloitte & Touche, Limerick, has been appointed as receiver and manager. He is attempting to dispose of the business as a going concern and is actively seeking an investor to revive the company's future.
O'Dwyer Steel was heavily involved in some major sporting projects in recent years, including the viewing stands at Thomond Park and Semple Stadium, as well as projects at both Ballydoyle and Coolmore and the City Farm at Dublin Zoo, where the company created scaled-down versions of farm buildings.
The company also supplied thousands of agricultural sheds to farmers all over the country in the past 50 years.
It is understood that the majority of the company's ongoing projects will be completed.
Mr Hanley said he was hopeful that an investor could be found to help the business continue.