ONE of Bolton's oldest companies has gone into administration with the loss of more than 150 jobs.

And the future of a further 160 posts at Sandusky Walmsley, in Crompton Way, was uncertain today as administrators battled to save the company.

Union chiefs have criticised the job losses, claiming workers were not given any notice, redundancy pay or money for holidays owed.

But Michael Horrocks, a joint administrator and partner at PricewaterhouseCoopers, who are dealing with the adminstation process, said the cuts were necessary.

"This is a difficult period for Sandusky Walmsley as we have made a number of staff redundant in order to continue trading," he said.

"Our key priority now is to work hard to secure the sale of the business as a going concern."

Sandusky Walmsley manufactures a wide range of machinery and parts for the wood pulp and paper industry. It also operates a machinery diagnostic and repair service.

Administrators were called into the factory on Monday and immediately took the decision to make 158 of the 323 staff redundant.

Bosses at the company - which has a turnover of £27 million - say administrators were appointed following recent losses which it attributed to "harsh economic conditions in the paper industry".

An employee, who did not wish to be named, said: "The administrators came in on Monday morning and addressed the whole workforce.

They told everyone they were trying to save the company but that that there would be some redundancies.

"Then on Tuesday they called in each department and told them the news. There were nearly 30 in my team and we've only got five left."

Trade unions have reacted angrily. Terry Burns, the regional officer for Amicus said: "We knew there were problems, but we had been told there are five potential buyers for the company.

"It was a horrible sight yesterday. There were people who had worked there 20 or 30 years leaving almost in tears."

Bolton North-east MP David Crausby was a works convenor at the company for 28 years before entering Parliament in 1997. He said: "I met representatives from Amicus last week, who told me there were serious problems. I had agreed to meet with the new managing director, and I am happy to offer any help I can, but I am disappointed this step has been taken so quickly."

Originally formed in Bury in 1860, the Walmsley Group moved into Bolton in 1960 with a workforce of more than 800. At the end of the 1960s, Walmsley merged with the Beloit Corporation of Wisconsin, USA, and in 1976 Walmsley was taken over completely, and renamed Beloit Walmsley. When Beloit's owners, Harnischfeger Industries, ran into trouble in 2000, the factory went into receivership before being acquired by Sandusky International, based in Sandusky, Ohio.

Cllr Akhtar Zaman, Bolton Council's executive member for regeneration, said: "This is very disappointing news.

"Any job losses in the town are not good for Bolton. I have instructed my officers to contact the firm and bring partner agencies such as JobcentrePlus and the Learning and Skills Council into the arena, to see what help they can offer.

"I also intend to look at ways the people who have lost their jobs will be able to access some of the employment opportunities in Bolton in the near future."