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.
