The international textiles division of Mackie International, the stricken Northern Ireland firm, has been sold to a Galway company for an undisclosed figure.
Bridge Textile Machinery, based in Galway, which is involved in textile machinery and accessory manufacture completed the deal in recent days. Mackie has been in receivership since February. It is understood that Bridge began looking at Mackie before the summer.
Bridge has bought all of the intellectual properties, patents, tools, jigs and fixtures of Mackie. A spokesman said the machinery would be removed from the current premises in Belfast which are being sold. He said Bridge, which has formed a new company called Bridge Mackie International, will retain a sales and marketing office in Belfast.
The company will continue to manufacture the full range of Mackie machinery and spare parts for distribution worldwide, probably from abroad. The spokesman said the Belfast sales and marketing office would employ 10 people initially, increasing to 25 over three years.
Mackie employed 300 people before it went into receivership. The full year results for 1997 showed that Mackie had suffered losses of £11.6 million sterling on sales of £14.5 million. The company's problems were exacerbated by the Asian crisis and the strength of sterling, making its products difficult to sell abroad.
However, it was Mackie's failure to secure £14 million for the purchase of the Leicester-based Shield group which sparked its descent into receivership.
They originally had seven divisions, but these were consolidate to four and brought on to one site. Bridge Textile Machinery is based at Ballybane-Beg Industrial Estate in Galway. The company's managing director, Mr Des Cullinan, was unavailable for comment. The receiver, Mr Tom Keenan of chartered accountants Deloitte & Touche, was also unavailable.