The sale of Westmeath car parts manufacturer Iralco to Athenry-based company C&F Tooling has been completed, it was confirmed today.
Tom Rogers of insolvency firm McStay Luby said the deal secures the jobs of over 300 people at the Collinstown, Co Westmeath, company.
Iralco produces components for some of Europe's best-known car manufacturers, including Audi, BMW, Ford, Seat, Volvo and Jaguar.
The firm went into liquidation in April due to financial difficulties, however, despite having a large number of orders on its books.
Last August, workers at Iralco voted overwhelmingly in favour of a survival plan that would secure over 300 jobs. The proposal put forward by conditional new owners CF Tooling was accepted by over 90 per cent of employees at a general meeting.
Under a deal put together by Galway-based entrepreneur John Flaherty, owner of CF Tools, the car parts manufacturer became part of his group.