A NORTHERN Ireland firm will close its doors after more than 150 years in business because it can no longer compete with rising costs. The move will lead directly to the loss of 100 jobs.

Co Antrim-based Stevenson Co is one of the North's leading pork processors.

The company, which produced pork goods for the wholesale, retail and catering trade, said it regretted the proposed closure. But the firm said it had no choice because of "adverse trading conditions".

Stevenson Co first began trading in 1850 in Ballymoney, but moved to a new purpose-built site in Cullybackey in 1982.

In a frank statement the company outlined how rising costs had forced the firm out of business.

"The price we pay for pigs has risen by £32.74 between January 2008 and August 2008. Our trading costs have risen by £4,500 per week in the last 12 months," it stated.

It said electricity costs had risen by 40 per cent, while oil had risen by 37 per cent in the last year alone.

The company intends to begin talks with trade unions regarding the timetable for the proposed closure.

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

The move will be seen as a huge blow for the local pig industry in the North. All of the pigs processed by Stevenson Co were sourced directly from local farmers.