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Pharmaceutical firm Norbrook is aiming to cut 180 jobs, citing global economic challenges and increased competition in the animal health sector.

The Newry-based company informed employees on Wednesday of its intention to reduce its staffing by about 10%.

Norbrook produces veterinary medicines and has grown to become one of Northern Ireland's biggest exporters after it was established in 1969.

It employs just under 2,000 people, of whom 1,600 work in Newry.

The company said: "We recognise this is a difficult time for employees but the decision has been taken after exhausting other options and to best position the company to return to growth as the market stabilises.

"We are currently exploring ways to minimise the need for compulsory redundancies, which will include offering voluntary redundancy packages, and we will enter into a period of consultation with our employees."

The latest results for the company shows that its profits fell by 21% to £21.3m last year.

Norbrook chairman and chief executive Liam Nagle said that company had invested £10m to increase its staffing "in response to higher sales predictions" for this financial year.

But he added: "In the past year a challenging global economic environment, together with increased competition in the animal health sector, has impacted on our ability to achieve anticipated sales growth."

"We have taken a number of actions to address these challenges but regrettably the actions taken to date are not enough and we have had to make the difficult decision to reduce our headcount," he added.

"This decision has been taken to best position the company for the future and enable a return to growth as the market stabilises."