Almost 400 workers in Darlaston and Willenhall have been warned they could lose their jobs after receivers were called in by engineering giant Caparo.
A pensions crisis at the Armstrong group, the nuts and screws arm of Caparo, led to administrators from PricewaterhouseCoopers being called in on Monday night.
The news was broken yesterday morning to the 300-strong workforce at Armstrong Fastening Technologies, in Heath Road, Darlaston; and 100 more at Willenhall Manufacturing in Neachells Lane.
Another 50 people work for a second Armstrong business in Hull.
Caparo, which has factories across the Black Country and a regional headquarters in Oldbury, said the move followed two years of negotiations over a £36 million black hole in the Armstrong group's pension fund.
Caparo Group has separate financial affairs and continues to trade normally, PwC said.
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