The business was sold in 1993 and Phileas Fogg crisps later became part of KP Snacks.
Mr Bunker said: "Now KP Snacks and Intersnack UK have integrated to form a larger UK business, we have the opportunity to expand our pellet business in the most cost-efficient manner at our larger Teesside site.
"In addition, after many years of working hard to try and grow our Consett volume, and despite the growth of Phileas Fogg, the under-utilisation of the site has created an unsustainable situation."
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