Waterford based company Honeywell Transportation Systems has announced 50 voluntary redundancies at the plant.

The Fortune 100 firm - which manufactures parts for the transport industry - says changing customer demand means that some of the products it makes in Waterford are no longer required.

The company says it is now working with employees on the voluntary job cuts - in addition to 15 redundancies previously announced.

The company says that "as part of this plan and in order to secure the site’s long-term competitiveness, the site is also planning to make a significant investment to position the site as a Global Centre of Excellence and Research & Development of Turbo-Charger Wheels".

Honeywell says this evening's announcement will not affect its other operations in Cork and Dublin.