The management at Munekata Ireland Ltd, a specialist plastic injection moulding company based in Finglas, Dublin, have bought the company from its Japanese parent.

The company employs 200 people and generated sales of €23 million in the year to March 2002.

The company supplies cabinets to major television and electronics companies in Europe. Its customers include Panasonic, Sony, Toshiba and Alps.

Munekata was established in 1984 by Toyota Ireland as part of Toyota's commitment to replace jobs being lost at that time in the car assembly industry. Toyota's shareholding in Munekata was subsequently acquired by Munekata Co Ltd, Japan.

Munekata Ireland has signed an agreement with the Japanese company which will allow it benefit from future technological advances in Japan.

Mr Brian Nangle, chief executive of the Finglas company, said the management buyout resulted from management's recognition that there were growth opportunities in the European market. Meanwhile, the former Japanese parent wished to concentrate on the Chinese and other eastern markets.

"In this context we felt that local ownership of the company was desirable to pave the way for optimising growth potential." The buyout will benefit employees as decisions regarding future development will now be made here, he said.

IBI Corporate Finance advised the managment team and debt funding was structured and arranged by the Bank of Ireland's specialist business bank.

"The strong interest in this deal from funders is evidence of the increasing appetite for traditional sectors," said Mr David Lawrence, manager with IBI Corporate Finance.

"The strength of the management team and the robust nature of the business model were also key factors in concluding the deal."