First Components on Wallows Industrial Estate, Wallows Road, has been going for nearly 18 years.
On Friday it was announced that the company had entered administration earlier in the week.
Diana Frangou and Gareth Harris of RSM UK Restructuring Advisory, Birmingham were appointed as joint administrators.
The business served a wide range of industries including aerospace, automotive, medical through to electrical, white goods and general engineering.
Diana Frangou said: “The cashflow issues coupled with the change in ownership and structure, resulted in administrators being appointed, to protect not only the creditors interests but most importantly ensure the employees were not left in abeyance. Regrettably, we have had to make the entire workforce redundant.”
Dudley Council deputy leader Judy Foster, of Brockmoor and Pensnett ward where the site is based, said: “This is absolutely terrible news for the people who have invested in and rund the business and terrible news for the employees, possible sub contractors and those who they bought parts from.
“I wish the administrators every success in finding a new buyer and hopefully the new operator will consider taking back those people who have found themselves out of work.
“In the meantime I would advise the people made redundant to make full use of the services available to them at Dudley Council Plus and the job centres.”
Another ward councillor, Rebbekah Collins, added: “It is very sad that this company has gone to the wall with the loss of so many jobs. Hopefully the council and other agencies will be able to assist in either retraining or finding alternative employment.
“Overall the local economy is holding up well and recovering well from the pandemic. But obviously my heart goes out to those people who have lost their jobs.”