A RADCLIFFE engineering firm which is one of the town's biggest employers looks set to close with the loss of all 98 jobs.

Workers at Strebor Diecasting on Hutchinson Way were told yesterday that the future of the 70-year-old firm looks bleak.

An escalation in operating costs has undermined its ability to compete with global markets and the company has consequently announced its intention to commence consultation with its recognised trade union, the AEEU, and elected workplace representatives over the proposed site closure.

Describing the moves as "regrettable", personnel director Maureen Howarth, said: "Strebor has continued to trade at a loss over the last two-and-a-half years since its acquisition, and the contribution required to bring it into profit involves new work to the value of £4 million.

"Even with the investment in new plant and equipment that we have already made we have been unable to secure this level of business.

"Recent schedules and orders have been at very low levels and major accounts are now looking to source products from the Far East.

"Funding is no longer available for further investment in both human resources and equipment."

The company was formed in April 1931 to produce high pressure diecastings in zinc and aluminium alloys. Its first home was at Bolton's Roberts Lead Works, the name "Roberts" being reversed to give the new company the title "Strebor".

Increased business called for larger premises and in 1935 the company moved into a former towel weaving mill in Wolsey Street, Radcliffe.

During the Second World War production was concentrated on parts for hand grenades and mortar bombs in a mill in Wolsey Street, Radcliffe. After the war aluminium pressure diecasting was introduced.

In 1953 it expanded to form Strebor (Locks) Ltd to produce locks for the car industry and in 1959 the company moved to Hutchinson Way. In 1985 it was bought by its management team and in 1998 it was bought by the Burnley-based Lupton & Place Ltd.