function wpn_content_limit($content, $ilimit = false)
{
 $limit = ($ilimit) ? $ilimit : 270;
 $pad="...";
 $content = strip_tags($content);
 if(strlen($content) > $limit)
 {
 $content = substr($content,0,$limit);
 }
 echo $content.$pad;
}

<?php wpn_content_limit(get_the_content(),160); ?>