Ensor Holdings deal safeguards 130 Technocover jobs
One of Welshpool's major employers has been bought out in a move which safeguards about 130 jobs.
Ensor Holdings, of Manchester, has taken a 90% stake in Powys security products firm Technocover, and will inject £1m into the business.
Ensor said the investment would make Technocover stronger financially and secure jobs in the town.
Technocover supplies a number of industries with security doors, manhole covers and cabinets.
Ensor, which has a group of companies supplying industrial doors, building products and packaging materials, has agreed to buy the remaining 10% of Technocover after 31 August, 2015, subject to profit targets.
Roger Harrison, Ensor's chief executive, said: "Technocover is a fantastic company with a great reputation, supplying a recession-resistant market. We are sure of a bright future."
Technocover supplies security products and services to UK and European utility companies such as water, power, communications and transportation firms.
According to the company's most recent audited accounts from 31 August, 2010, it reported sales of £10.3m and an operating profit of £290,000.
Montgomeryshire MP Glyn Davies welcomed the sale as "wonderful news".
"The takeover will end rumours about the future of Technocover, and secures one of our major employers in mid Wales," he said.
Technocover was co-founded by Haydn Williams, who died in 2007, aged 50.
After losing his job in 1993, he used his redundancy money to establish the firm.
Following his death he left an estate worth £6.3m, and bequeathed £700,000 in his will to two villages and a cancer charity.