Sale of firm saves 84 factory jobs following financial problems.
Rhondda-based Crosslink has been bought out by Mark Rushin, who has businesses based in Bedminster, Bristol, and manufacturing operations in the UK and the Czech Republic.
The deal means 84 jobs have been secured.
Alistair Wardell and Nigel Morrison, of Grant Thornton Recovery and Reorganisation, were appointed joint administrators of Crosslink by its directors in mid-June after the business encountered financial problems.
Mr Wardell has since led a search for a buyer for the plant at Maerdy, near Ferndale, culminating in the sale to a company owned by Mr Rushin.
Mr Wardell of Grant Thornton's Cardiff office said, "This is a fantastic result for the workforce and for the community as a whole, as Crosslink is a much-needed manufacturer in a region that has suffered from significant job losses in recent years. With the support of the Welsh Assembly Government, the customers and suppliers to the business, we have been able to reach a successful conclusion with a business, which enjoys particular expertise in Crosslink's business sector."
Crosslink is a manufacturer of rubber compound and a supplier of rubber components.
At the time of the appointment of administrators Grant Thornton, the company employed a workforce of around 140 at its manufacturing facility.
Mr Wardell said it had been unfortunate that a number of staff had been made redundant.
He said, "However, we have secured employment for 84 immediately. When appointed we feared the worse for the entire workforce."
Crosslink was created in January 2005, when a previous business, United Polymers, was acquired from administrators by a new management team.
Mr Rushin added, "As an opportunity business we are continually seeking partners and investment opportunities.
"Crosslink has an established customer base and we are confident of integrating it successfully into our group of businesses."
In December 2004 Mr Rushin acquired Precision Cut Rubber, which already had 40 years' experience within the automotive industry and produced unique lathe cut washers, plastic and rubber injection moulding and die cutting capabilities that would complement Avon Group Manufacturing.
In February 2005 the company went on to acquire United Polymers, SRO, a company based in the Czech Republic with mirrored investment in the Group's capabilities, to support the automotive industry within Europe.
In April 2005 P & D Manufacturing was acquired which also had 25 years' experience within its industry and specialised knowledge of tool manufacture and plastic injection moulding at a high level. Technical design is a very important part of its capabilities.
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|Publication:||Western Mail (Cardiff, Wales)|
|Date:||Jul 4, 2007|
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