Hi °C | Lo °C Thermomax, the Bangor- based solar heating business, has been saved from closure, administrators have announced.
Confirming speculation that a buyer had been found, joint administrator Garth Calow from PricewaterhouseCoopers said last night that Kingspan Group, the Irish building products company, had agreed terms to become the new owner.
Thermomax will be operated as part of Kingspan Environmental and Renewables Division, which said it would be "very much a case of business as usual" for the company.
The 185 workers in Bangor, along with 85 who work at a smaller plant in Cardiff, will all be transferred to Kingspan Environmental on their existing terms and conditions.
As a result of the sale, for an undisclosed sum, PricewaterhouseCoopers said Kingspan was taking over the "workforce, facilities and order book" with immediate effect.
Mr Calow said: "We are delighted to have sold Thermomax as a going concern to a company with the international reputation of Kingspan Renewables.
"This transaction will provide the business with an excellent opportunity to realise its full potential in the future.
"The opportunity for such a positive outcome has been possible thanks to the ongoing loyalty and support of the workforce and the continued co-operation of the customers and suppliers, together with assistance from Invest Northern Ireland."
Noel Crowe, managing director of Kingspan Environmental & Renewables Division, said: "The acquisition of Thermomax fits very well with Kingspan's business strategy of investing in renewable energy and sustainability in building, which we see as key to our future.
" Thermomax is a significant strategic investment for Kingspan Environmental & Renewables.
"We will be investing further in the business to develop its full potential for the future."
The Bangor plant was closed for the Twelfth fortnight when news broke about the firm's financial difficulties.
As a result, Mr Calow and Rob Lewis, partners in the business recovery services department of PwC in Belfast and Cardiff respectively, were appointed joint administrators on July 19.
Thermomax is the UK's largest producer of solar thermal panels for hot water, and had a turnover in 2006 of approximately £15m.
