Up to 120 jobs are set to be lost after engineering technology business Renishaw announced plans to close its North Staffordshire factory.
Renishaw has revealed that it wants to relocate its additive manufacturing (AM) business, marketing and commercial activities – currently based on Stone Business Park – to its New Mills headquarters site in Gloucestershire.
The move means the Stone site will close at the end of 2019.
Employees based at the North Staffordshire site are now being consulted about the plans.
It is understood that some of the affected staff will be offered relocation packages if they choose to take up new positions with the business in Gloucestershire.
William Lee, Renishaw’s chief executive, said: "In a competitive global business we need to be agile and efficient in how we bring new technologies to market.
"Our current thinking is that the most effective way to achieve this would be for our AM technical and commercial teams to be co-located in our Gloucestershire facilities.
"The AM team at the Stone site has made a major contribution to our progress and we sincerely hope that a large number of them would relocate to our headquarters site if the closure goes ahead."
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The news comes just three months after Renishaw's annual results which revealed that revenue and pre-tax profits were down by six per cent and 28 per cent respectively.
Stoke-on-Trent and Staffordshire Local Enterprise Partnership chairman David Frost has reacted to the news.
He said: "We are saddened to hear this announcement and feel for the employees affected.
"There are opportunities in our area in advanced manufacturing and engineering as this is one of our key sectors.
"Whenever there is a risk of considerable job losses the LEP will work with partners at the county and borough councils along with Job Centre Plus to offer practical support and where possible signpost to employment and training opportunities."