That is expected to lead to more than 200 immediate job losses.
The closure will be conducted in stages over the year and will affect the remaining 134 employees.
The company said it was a “very difficult decision” which was taken after assessing all the options.
It is said to be a result of “significant changes in the global and regional markets, combined with physical limitations at the existing plant”.
The firm added: “The significant investments necessary to bring the plant in line with current market requirements would result in the costs that could not be competitive in the global markets.”