A CHEMICAL company has become the latest victim of the credit crunch with plans to cut 55 jobs.
Baxenden Chemicals, which has plants in both Worsley Street, Baxenden, and in Worcester, is a global leader in polyurethane technology.
Company bosses this week confirmed it has entered into a 30-day consultation period with staff regarding the possible loss of a quarter of the total workforce.
The Baxenden plant has 115 workers while another 90 are based at the Worcester plant, none of whom are safe from the cuts.
Managing director Tim Hughes said: "We have entered into consultation with employees regarding a restructuring of the business in response to the current economic downturn. Up to 55 jobs might be affected."
Baxenden ward councillor John Griffiths said: "It is really sad to hear of these cuts but this is becoming a sign of the times. We will just have to hope that things change soon and that we see companies that are suffering at the moment getting back to full strength."