UP to 175 jobs could go at Bluestar Fibres in Grimsby, it's been announced this afternoon.
The 238-stong workforce has been informed today that the company has no option but to consider a production stoppage at its Moody Lane site.
This is as a result of the economic downturn and a subsequent reduction in demand for its carbon fibre precursor product.
The stoppage is likely to result in significant job losses of up to 175.
A spokesman said the company was committed to securing a future for the business.
However, a 45 day collective consultation has begun with employees via Union representatives, with a redundancy package being offered by the parent company.
In addition to a severance payment the Company will focus on supporting the employees and assistance with finding new employment.
See tommorrow's Grimsby Telegraph for the full story and reaction.
Image may be NSFW.
Clik here to view.
