Multi-national engineering group Smiths Industries will end a long association with Witney with the sale of its Sifan business.

Sifan, which employs 138 people at its Northwood Road factory, forms part of a group of operations being sold off by Smiths to the private equity arm of HSBC Bank in a £125m deal.

But Smiths managers are unable to give any guarantees about job security.

Smiths' corporate affairs director Bernard Carey said: "We have not given any forecasts.

"The people buying the businesses intend to develop and invest in them."

HSBC would not comment on the situation, although investment director Jason Gatenby said the group had no plans to change the nature of the businesses.

Sifan, which makes outlets for gas central heating systems, is being sold with associated ventilation systems companies VentAxia and Torin.

"The businesses are no longer within the core Smiths strategy, which is now in the aerospace and medical markets globally."

Smiths' presence in Witney stretches back to the 1940s when it started making instruments for the car industry.

Mr Carey, who formerly worked at the Rover factory in Cowley, added: "Sifan is the last of the Smiths' businesses in Witney.

"We still own land and property there, including some housing."

HSBC is also buying Smiths electrical cables business.

About 970 staff nationally will transfer to the new owner.