NA China-based company has bought over a Co Derry trailer manufacturing firm in a deal believed to be worth £100 million.
Global trailer manufacturer CIMC Vehicles has taken Toomebridge firm SDC Trailers.
It is understood staff at SDC, which also has production plants in Antrim and Mansfield in England, were informed of the sale at a meeting yesterday afternoon.
Last night, CMIC, which was founded in 2002, moved to reassure staff that their jobs were safe.
The firm which has global presence in Continental Europe, North America, Latin America and Asia, Australia and Africa, confirmed the existing management team would remain in place..
CMIC also stated that plans were in place to consolidate the company’s position and increase its export sales.
Commenting on the deal, David Li, general manager and director of the Board of CIMC Vehicles said they were “delighted” to have acquired the Retlan Group.
He added: “The acquisition will mark an exciting new chapter in its history.
“We look forward to working with the existing management to continue its fine tradition of high quality UK-based manufacturing and to the opportunity for further investment to help grow the business.
“The Retlan Group will represent a valuable complement to CIMC Vehicles’ portfolio and progress our on-going policy of global operations, local knowledge.”
Mark Cuskeran, chief executive of Retlan Group, said the acquisition was an “important step forward” for SDC Trailers and the rest of the Retlan Group.
He added: “This is a significant opportunity for the company, its staff and for the future.
“We have been impressed by the approach of the new owners to the acquisition, and the company is now looking forward to a significant period of growth on a global scale.”
Photo shows back row (from left); Paul Bratton, Enda Cushnahan, Chris McCauley and Gavin Diamond. Front row (left to right); Andrew Yang of CIMC Trailers, Mark Cuskeran SDC CEO, David Li, general manager CIMC Trailers.
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