Toly Products will be dismissing 84 workers because of the global economic crisis, it was announced this afternoon.

The company, which employs almost 400, said in a statement it was working closely with the General Workers Union to minimise the impact.

CEO Andy Gatesy said Toly had not lost any customers but there was a lot of uncertainty in the market and this was affecting business.

"This is affecting the whole industry and not just Toly," he said.

Toly Products operates in the global cosmetics industry.

It urged the government to continue supporting locally-based manufacturers to help them weather the storm.

The GWU in a statement said that thanks to its efforts, the number of redundancies at Toly had been reduced by a fifth.

It said the redundancies affect all sectors of the company, including management.

Efforts are underway for alternative employment to be found for the dismissed workers.