Jobs at a South Yorkshire-based metal manufacturer have been saved after it was bought out of administration.
Engineering and fabrication firm WEC Group has funded a partnership deal to acquire the business and certain assets of metal manufacturing specialist MTL Group, saving 135 jobs.
MTL Group entered administration on February 2 after suffering the loss of a large overseas defence contract. It has remained trading as administrators EY looked to secure its future.
The administrators of Rotherham-based MTL Group chose the deal offered by WEC Group, based in East Lancashire, as the best option to bring the company out of administration.
Wayne Wild, commercial director of WEC Group, said: “We are delighted to have reached an agreement which will save the jobs of more than 130 workers in South Yorkshire.
“The restructuring deal we have completed will see us work in partnership with MTL Group’s previous directors and shareholders to grow and develop the business for the benefit of customers and staff.”
MTL Group’s sales director Karl Stewart, finance director Howard Kellett and operations director Darren Bradley remain in the senior management team following the creation of the new partnership with WEC Group.
Mr Stewart welcomed the deal. He said: “The synergy with WEC Group is very strong and this deal makes both businesses much stronger entities.
“It enhances our capabilities and capacity and that is a major advantage to all our customers.”