Norprint Labelling Systems is consulting with staff and the GPMU about possible redundancies - just four months after making around 20 job cuts at its Sileby plant.
Managing director Eden Douglas, who led a 7.9m management buyout from Norcros in 1998, said he would not discuss "numbers, individuals or costs" until the 30-day consultation period was over.
But he said the move was necessary because some of Norprint's markets were "in decline".
"I would rather manage our destiny now than have it managed for us," he said.
He also predicted that other companies in the labelling sector would be facing similar problems soon. "There is more to come," he warned.
The Boston, Lincs firm closed its Sileby site in the summer. This was followed by the opening of a 500,000 digital print centre in September.
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