Maurice Stevenson Ltd is based at the Annesborough Industrial Estate at Lurgan and was founded in 1921.
But the mechanical installation company hit hard times following the death of its chief executive and changing market patterns.
Local Ulster Unionist election candidate Doug Beattie MC hopes something can be done.
He said news that the company had gone into administration was “devastating” for the 33 workers.
And he added: “It will also have a detrimental effect on the Lurgan area as a whole.
“The words of Mrs Stevenson sums up her feeling when she says ‘It is with deepest of regret that we find ourselves having to place the company into administration. I want to pay a heartfelt tribute to the current and former staff who have worked hard and demonstrated immense loyalty to this firm and our family down through the years’.
“As one of the oldest business in Northern Ireland it has suffering financial hardship since the death of the company CEO David Stevenson in 2012 and a downturn in the sector.
“The administrator is hoping to find a new buyer and I wish them all success and that they can keep all those presently employed by Maurice Stevenson Ltd in employment and that it can once again become a viable business.
“In the meantime it is important that all those affected by these circumstances are supported.”