Worcestershire ceramic hob manufacturer, Ceramaspeed, which employs 300 people has gone into administration.
Ceramaspeed, based in Kidderminster, had seen its market decline over recent months, administrators Grant Thornton said in a statement.
The firm, which has a £46m turnover, makes hobs for several well-known kitchen appliance manufacturers. Grant Thornton said it was looking to find a buyer while running the business as “a going” concern.
Neil Tombs, of Grant Thornton, said: “We’re currently finalising the trading strategy and have received interest from a number of parties.
“It’s too early to speculate on possible job losses however we are consulting with the employees in Kidderminster. “We’re currently finalising the trading strategy and have received interest from a number of parties.”
He added: “Ceramaspeed has fallen victim to the tough economic climate hitting companies across the world. “Demand has fallen both in Europe and the US, and unfortunately the company was unable to resize quickly enough to be able to cope with the fall.
“We’re feeling positive that we will be able to secure a future for the business and run it as a going concern, although in the current climate, there are no guarantees.”
Ceramaspeed’s subsidiaries in the US and Poland are not in administration and are continuing to operate as normal.