Management and staff are to meet on Wednesday
A third of employees at Seagate Technologies in Londonderry are to receive a pay cut of 10%, workers have been told.
Approximately 300 people in the Springtown premises will be affected.
There will also be redundancies at the plant, but the company said fewer than five people would be affected.
The company said it plans to save £150m and will reduce its global workforce by approximately 2,950 employees or 6% as part of a restructuring programme.
In a statement, Seagate said it "very much regretted having to take these actions," but it was necessary to lower the company's cost structure to align with the current macroeconomic business environment.
"The company will continue to monitor the situation to ensure that the Springtown facility is appropriately aligned with market demand and staffed accordingly.
"It will take any actions that are necessary to protect the business going forward," the statement said.