Stevensons - which has been in existence since 1850 - blamed the decision on "adverse trading conditions".

The firm, which moved to Cullybackey in 1982, specialised in the manufacture of pork products for the wholesale, retail and catering sectors.

A company statement also highlighted increasing energy costs as a mitigating factor.

"It is with regret that we have to announce the proposed closure of our
business," it read.

"We very much regret this decision as it affects both our pig suppliers,
customers and employees who have been loyal over the years.

"We would like to emphasise that all our creditors will be paid in full," it added.

MEP Jim Allister expressed sadness on the confirmation of closure.

"The closure of Stevenson & Co is bound to have a significant impact on the local pork industry," he said.

The exiting of one of the few remaining major pigmeat processors is further evidence of the difficulties the local pig sector finds itself in."

DUP representative Mervyn Storey has discussed the closure with party colleague and Enterprise Minister, Arlene Foster.

"My first thoughts must be with those people employed with the company who will be most directly affected by the job losses but I am also obviously concerned about the wider effect on the pig industry in Northern Ireland," the MLA said.