Employees at Tough Glass have been given the statutory 30 days' notification.
Management said the next step means the company could close.
Plant manager John Agnew said the rise in oil prices and cheaper imports from Turkey and China had hit demand for its glass products.
He paid tribute to the workforce but said the company had found itself "caught up in a set of circumstances beyond its control".
The company is a leading independent manufacturer of toughened safety glass in the UK and Ireland.
Tough Glass closed in July 2008 with the loss of 60 jobs but was bought out of administration by its current owners, the Glasgow based company - Independent Glass Ltd.