Audio equipment maker Bose has announced it is closing its factory in Carrickmacross Co Monaghan with the loss of about 140 jobs.

The multinational announced the closure is part of a worldwide cost-cutting programme, with a factory in Columbia, South Carolina also closing.

The plant's operations will transfer to Bose facilities in Malaysia and Mexico.

The Carrickmacross factory has been in operation since 1978.

Local Sinn Féin MEP Matt Carthy responded to the new with a statement saying:

“Today’s announcement is not just a harsh blow to the staff and their families but to the wider community and local economy, which will be severely impacted by the closure of the plant.

“Unfortunately, this area has been ignored by too long by successive Governments. I recently highlighted the fact that Monaghan has only has two visits by the IDA in the past 5 years and many will remember that Bose was the last significant employer attracted to this region by the IDA in the late 70s," he said.