Silver Fern Farms, formerly PPCS, is to close two slaughter chains at its Canterbury plant in Belfast. Nearly 250 jobs are involved.
The company says up to 70 people could be redeployed to the plant's lamb processing operation, which will continue, or to nearby cattle and venison plants at Islington and Belfast.
Silver Farms says it is the last of a series of closures around New Zealand as the company responds to declining livestock numbers.
Last week, company sold its Silverstream lamb plant near Mosgiel with the loss of up to 100 full time and seasonal jobs.
It has also closed a sheep plant, two deer processing plants and a lamb skin business as part of a restructuring programme known as "right-sizing".