31 jobs under threat as historic Bolton foundry closes
BOLTON's historic foundry has closed and its assets are set to be sold in a bid to save 31 jobs.
The foundry and plant of PMT Industries in Kentfield Drive, Bolton, could be moved to another site when it is sold, although sellers are hoping to keep the plant at its current location.
The firm, which now employs 31 people, has shed jobs over recent years and the foundry had been operating on a three-day week in an attempt to survive.
The closure follows what has been described as "a long period of difficult trading" which has resulted recently in 18 redundancies.
Asset valuation firm Winterhill Largo has now been appointed to conduct the sale, while administrators Baker Tilly are now managing the firm's affairs.
PMT Industries ltd, which has a number of sister ventures overseas, was one of the UK’s only manufacturers of large scale “Yankee dryers”, which are used in the print industry to dry large volumes of paper after manufacture from pulp.
The large dryers are still being manufactured at the site, which will stay operational until the sale has been completed.
Earlier this year, PMT, which opened in 1961, celebrated 50 years of production of the Yankee dryers at the Bolton site.
The site has had various names including Beloit Walmsley, Beloit Bolton and Sandusky Walmsley limited.
Neil Evans, of Winterhill Largo, said: “It is hoped that a sale as a working foundry, viewed as the best outcome for creditors and employees alike, could potentially save the 31 jobs that remain at PMT following the 18 redundancies at the firm.
“We are anticipating a fair amount of interest as the foundry plant is highly specialised and among the largest of its type in Europe.
"Given the challenges of relocating the equipment, and its position in an already operational site with a current order book, we are optimistic that this might be the outcome.”
Interested parties can register their interest by e-mailing Mr Evans at firstname.lastname@example.org or by contacting Winterhill Largo at WinterhillLargo.com on 01254 763183.
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