Devro will shut in Bellshill Industrial Estate -and 90 workers will lose their jobs.
The sausage casing firm has done a review of its global premises and deemed that its Bellshill base is no longer sustainable.
Its other North Lanarkshire operation in Moodiesburn has in contrast, been in receipt of a £2 million investment in a bid to increase manufacturing at the site.
Devro said the closure was in response to changing consumer trends and was “part of Devro’s drive to achieve a fully integrated global business.”
Chief executive Rutger Helbing said: “Scotland will remain strategically important to Devro’s global operations.
”However, the market is evolving and we must look at how we manage our business and stay competitive.
”Decisions like this are never easy.
I know this will be an uncertain time for many colleagues, their families and the wider community.
“Our priority now is to ensure we have the right support in place for those who may be affected by these plans.”
Unite the union which represents the workforce has pledged to do all it can to support the workers at Bellshill to ensure that no compulsory redundancies take place.
Unite is also calling for commitments by Devro to retain all modern equipment in Scotland rather than it being shipped abroad.
Unite regional industrial officer, Wendy Dunsmore, said: “The announcement by Devro to close its Bellshill site is devastating for the workforce.
“It’s vital that everything is done through this consultation period to ensure there are no compulsory redundancies.
“The company has stated that it wants to increase the range of products at its nearby site in Moodiesburn. We are calling on the company to guarantee job security and a future for the Moodiesburn site.
“As part of this process, it will be vital to protect and safeguard all modern equipment in Scotland.”