pounds 2.4m deal for railway business.
A RAIL firm belonging to one of the Midlands' best-known industrial groups has changed hands in a pounds 2.4 million deal.
Cradley Heath-based STS Rail, a subsidiary of Key Technologies, has sold part of its business to railway giant Mors Smitt.
The firm, which specialises in train protection warning systems, will now trade as Mors Smitt UK and will remain on the Cradley Heath site which it shares with Key Technologies' headquarters.
Midlands law firm Freeth Cartwright acted on behalf of Mors Smitt.
Freeth Cartwright senior partner Mike Copestake said the firm was seeing a lot of activity in the rail sector.
"Over the past few years we have done several deals in the railway components manufacturing sector," he said.
"We see rail very much as a growth area and it was a privilege to represent a firm such as Mors Smitt which has very clear global ambitions."
Mors Smitt makes signalling relays and rolling stock.