Southernprint announced plans last week to decommission two presses at Upton in order to accommodate a saddlestitching line from nearby Southern Binders and a new perfect-binding line.
The Poole-based firm said that if all vacancies arising from the bindery investment were filled, "total job losses across the two businesses should be limited to 16".
However, Unite national officer Steve Sibbald, said: "There's the possibility of 26 job losses [on the presses], but what they're saying is that there will be other opportunities because they're putting in a new binding line.
"We don't know whether or not people are going to be interested in transferring over though, because it's unlikely there's going to be suitable alternative employment going from press to bindery and it's obvious that the [salary] rates are going to be different."
Meanwhile, Walstead declined to comment on the source of funding for the new perfect binder, which is to replace one of the two binders damaged in a fire at Southern Binders in March.
The company said that the current volume of work in the market meant it was no longer necessary for Southernprint to have three binders.
Up to 26 jobs at risk as Southernprint plans kit rejig
Walstead Investments subsidiary Southernprint is currently in consultation with 26 staff at its Upton site and Southern Binders' Ferndown site as a result of a planned equipment rejig.