UP to 60 jobs could be lost at Tamura-Europe Ltd in Calne after the company suffered a substantial net loss in 2014 and shows no sign of improvement in 2015.

The company makes electronic components for the global industrial, telecom and consumer markets.

But all manufacturing by the company in the UK is set to cease as the company withdraws from the traction market.

A Tamura-Europe spokesman said: "As a result of the poor trading conditions, reduced orders and forecasts, an increase in UK costs due to currency exchange and ceasing to manufacture traction products, it is proposed to further rationalise the manufacturing activity at Tamura-Europe Ltd. 

"Tamura-Europe Ltd take consultation very seriously and over the next few weeks, we will be fully consulting with all employees on these proposals and would like to emphasise we will not make any decisions until we have take into account our employees' views."

The 2014 financial year was one of the toughest for Tamura-Europe Ltd for many years with poor trading conditions in the Eurozone and the effects of currency exchange having a major impact on results.

Company directors attended a specifically convened meeting of the directors of the corporation in Japan last week to explain the losses and to present a recovery plan for the next five years.

As part of the plan Tamura-Europe Ltd are ceasing to design and manufacture any new parts for the traction market.

Peter Vujakovic, president of the Calne Chamber of Commerce, said: "It's really sad for the people who are there and it's sad for the town because it's a town that's been growing.

"However, it's not about the town it's about the people working there. I am concerned for the people, it's never nice to hear about job losses, there's no way to put a positive slant on it."

The company intends to continue with a presence in the UK, where some administration and project management functions would remain in Calne.

However, the proposed rationalisation of the manufacturing activity could see up to 60 jobs go, covering adminstrative, sales and engineering functions.