MORE than 150 workers at a major company are to lose their jobs after it was bought by a German firm.

Wolstenholme International Ltd, a manufacturer of ink products, is based in Lower Eccleshill Road, Darwen, and was established in 1938.

German company Altana has bought the UK part of the company, which is just the Darwen site, for 24 million euros (£16.1million).

It comes after the firm was the subject of a £48million management buyout seven years ago.

A spokesman for Altana said the firm would not take over Wolstenholme's production plant and employees in Darwen.

Instead it is going to increase the production capacities in its main factory in the Bavarian town of Güntersthal.

Wolstenholme will continue to carry out its current production on behalf of Altana until the transfer of the production to Germany is fully completed in 18 months.

Bosses said a number of workers would be offered work in Germany.

Managing director Andrew Rink said the decision to sell had not been easy but came at a time when the company was operating in a tough market and dealing with a "significant deficit" in the pension scheme.

He said: "We believe this sale is the best solution for all concerned.

"The proceeds from the sale will be used to buy out in full the deficit in the UK company pension scheme at a cost of £10m.

"We will be doing everything we can to support our employees through this difficult time."

The main manufacturing at the factory is in metallic pigments which are widely used to create decorative gold and silver effects on consumer packaging and magazines.

The company has been operating in Darwen since 1982 and before that for many years in Bolton.

One worker who contacted the Lancashire Telegraph said the announcement had come as a "massive shock" to staff.

A meeting was called at Ewood Park yesterday when he said workers were told that the first redundancies would take place within eight weeks.

The worker said: "It is a big shock. We had no warning that this might happen.

"There are people who have worked for Wolstenholme for the past 20 years in Darwen and it is hard to take when you are suddenly told that your job won't be there anymore. We all just want to see what kind of redundancy packages are available. "

Dr Matthias Wolfgruber from Altana said: "We are happy to purchase the production activities of Wolstenholme, a successful business with a long tradition."