Receivers have been appointed to Limerick-based civil engineering firm Roadbridge.
The company - which employs 630 people across Ireland, the UK and Sweden - confirmed the news this afternoon.
The firm, which was founded in 1967, says this was the result of "insurmountable financial challenges".
Roadbridge chairman Aidan Murphy says: "We have been working tirelessly for the last number of months to find a solution to the grave challenges faced by the company.
"My fellow directors and I greatly regret having to take this step, but unfortunately, it was the only possible option at this time.
"The board recognise the support of all our stakeholders - including our bank, Bank of Ireland - in difficult circumstances as the directors explored every opportunity to save the company."
He adds: "We are committed to working closely with the receivers now in order to get the best possible outcome for employees, creditors and stakeholders."
Tánaiste Leo Varadkar says the development is "extremely concerning".
He also says he's asked his officials to engage with the company "as a matter of urgency".
Today’s news that Limerick based construction company @Roadbridge has entered receivership is extremely concerning. My thoughts are with the employees, many of whom I know dedicated their entire careers to the company (1/3)
— Leo Varadkar (@LeoVaradkar) March 11, 2022