Brinks Ireland is ending its cash-in-transit operations by the end of July, with the loss of 200 jobs.
The union SIPTU is condemning the decision, saying an agreement was finalised with management last month on a major restructuring deal which would have safeguarded the company's future in Ireland.
The jobs will go at the company's bases in Dublin, Cork and Galway.
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SIPTU organiser Brendan Car said, "the workers are extremely disappointed by this announcement".
Mr Carr added that the company had signalled that the jobs were safe only a few weeks ago:
