A Galway engineering firm has gone into receivership with the loss of 135 jobs.

The plant has operated in Oranmore for 30 years, but today SIPTU union members were called in to discuss the news of APW's closure with workers.

APW took over operations at the firm seven years ago.

APW, this afternoon, issued a statement citing challenging market conditions for the outcome.

A spokesperson said the firm would continue to trade as a business until all options were reviewed for the future.

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Workers will receive notification of statutory redundancies next week.

APW Galway manufactures a wide range of electronic components.

APW is expected to make a statement later today.

Today's news comes as Taoiseach Brian Cowen flies to Brussels for an extra EU summit on the global financial crisis.

The talks are aimed at agreeing a European position on proposed changes to worldwide financial regulations and institutions, amid the international credit turmoil.

It is the fourth gathering of EU leaders in eight weeks, three of which were called to tackle growing economic fears.

The EU meeting comes ahead of next week's G20 international summit in Washington.

(PR/JM)