Nippon Electric Glass’ (NEG) site in Westerbroek, The Netherlands was declared bankrupt yesterday (Tuesday).

It means around 275 employees are at risk of losing their jobs as well as 50 temporary workers.

District Curator Jeroen Reiziger said its Japanese owner had decided it could no longer afford to keep absorbing losses of up to €1 million a month, partly as a result of higher energy prices.

The site was formerly owned by PPG but was sold to NEG in 2016. The Japanese invested €70 million in the factory but a new furnace investment was not completed The site was opened in 1963 and at its peak employed 1,300 people.

The site makes fibreglass for the automotive industry.

If a restart or takeover does not get off the ground within six weeks, the staff are at risk of losing their jobs.