Buyout saves 70 jobs at Armagh plastics firm
The 70 jobs at a Co Armagh company which went into administration have been saved after a buyer was found.
Markethill based plastics manufacturer Reflex Mouldings has been bought by the FHS Group of Lisburn.
Administrators PricewaterhouseCoopers have continued to trade Reflex Mouldings since its directors requested it go into administration at the end of June.
The company manufactures floor tiles for industrial, commercial and domestic use and number plates and car mats for a variety of local and international customers.
It becomes part of FHS which operates a number of companies trading in a completely different field and operating under the Unicorn brand, specialising in waste management, healthcare waste and recycling solutions.
The amount paid for the business and assets of Reflex has not been disclosed.
PwC administrator Paul Rooney said FHS was offering employment opportunities to all existing employees.
He said Reflex had called in the administrators because of trading and financial difficulties but there was still a core business.
"We were determined to trade the company while seeking a commercial buyer. Today is the successful outcome of that process, but this could not have been achieved without the continued support of the bank, workforce, supply-chain, customers and local elected representatives."
He added: "Insolvency is not necessarily the end of the world for a business; this is an example of how administration can save jobs, exports and local-developed innovation."