Adrian Wolstenholme and Alastair Beveridge, partners in Kroll's Corporate Advisory & Restructuring Group, have been appointed joint administrators of the Welsh firm, which has 310 staff.
The company, which recently announced nearly 50 redundancies, produces rubber and plastic moulded products primarily for the automotive industry.
The administration also relates to its subsidiary business based in Corsham, near Bath. However, a separate subsidiary at Hranice in the Czech Republic is unaffected by the administration.
Last year its two UK operations generated a turnover of £18m.
The company said its move into administration was the result of on-going losses, largely due to under utilisation of capacity at its main plant.
It also confirmed that the planned redundancy of 48 staff had been brought forward with immediate effect.
The administrators have begun to look at the potential sale of the businesses as going concerns and will shortly advertise the businesses for sale.
Wolstenholme says: "We will advertise the businesses for sale and we intend to continue to trade whilst buyers for the businesses are sought. We will shortly be in contact with all of the customers to agree service levels with regard to ongoing supply arrangements which will allow the businesses to trade in administration whilst options are evaluated."
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