Workers and union representatives at Bausch and Lomb will meet with management in Waterford this morning.
They are hoping to secure some of the 200 jobs which have been earmarked for redundancy.
Last Thursday the company's 1,100 workforce were told they have until June 17 to accept or reject a 20% pay cut and 200 redundancies
If a deal cannot be reached, Bausch and Lomb say they will be forced to shut the Waterford factory.