Mabey Bridge has revealed plans to close one division and sell another, placing 330 jobs at risk.
Bosses informed employees they were planning to close the Chepstow-based infrastructure division. A consultation has begun with all 150 staff affected, some of whom may be moved to other offices.
The company also announced plans to sell the renewables division, also based in the Welsh town, although it insisted it aimed to find a buyer that would protect the 180 jobs involved.
Mabey has a proud history in Chepstow, having built Isambard Kingdom Brunel’s Railway Bridge over the Wye River in 1849.
It said last night in a statement: “We have not made these decisions lightly and we understand that this is a very difficult time for our people. Their welfare is an important concern for us and we will provide them with as much support as possible over the coming weeks.
“A full consultation process will now be conducted with all those affected and we will provide them with as much information as possible. We are also committed to listening to their views.
“Regarding the Renewables division at the Newhouse site, we anticipate that a buyer can be found to provide the necessary investment to support this business in the long-term.
“Like many companies we are forced to consider every possible option to remain competitive in difficult times. The proposal follows a comprehensive review of the Mabey Bridge business.
“We are confident that these proposed changes will help build a stronger, more sustainable future for Mabey Bridge’s modular bridge business in Lydney.”