Takeover saves Mivan jobs
About 50 jobs at administration-hit engineering company Mivan are to be saved after its assets were bought by another firm.
Newry-based MJM Marine Group have taken over Mivan's factory in Antrim.
MJM specialise in the interior fit-outs of ferries, yachts and cruise ships - a key element of Mivan's business.
Mivan went into administration earlier this month and subsequently ceased trading with the loss of almost 250 jobs.
The company hit the rocks after making massive losses on projects in Romania.
The business had been restructured in 2012, but continued to face difficulties and late last year entered into talks about a possible takeover deal with Lagan Group Holdings. Those discussions ended without agreement.
MJM intend to retain the Mivan name and run it as a separate entity to its own business.
Stormont Economy minister Arlene Foster welcomed MJM's intervention.
"MJM Marine Group's decision to buy Mivan and to continue to run it as a separate entity is good news for the construction industry and for the Antrim area," she said.
"Mivan had an excellent reputation and was renowned for its export success and it was a dreadful blow when challenging operating circumstances led to the firm going into administration. I have kept in close contact with the administrator since the announcement was made and I welcome this positive outcome.
"As part of its plans to maintain and further develop the Mivan brand, MJM Marine Group will re-employ around 50 of the Antrim company's highly skilled staff. "