More than 70 jobs have been saved at Brockington & Scott in Pontarddulais, thanks to a group of senior managers acquiring the firm with assistance from Lloyds TSB Corporate Finance.
The company, which manufactures metallic bellows and expansion joints for a range of industries, including aero-space, shipbuilding, power and steel, went into administration earlier this year and had been facing closure.
The new five-strong team at Brockington & Scott, which traces its heritage back to the 1920s, comprises managing director Mike O'Neill, commercial director Paul Greenwood, financial director Martin Wiltshire, operations director Richard Thomas, and manufacturing director Steve Jones.
It also has a new name - Teddington Engineered Solutions (TES) - and is to move into new premises near its current site, thanks to assistance from Lloyds TSB Commercial Finance and the Welsh Development Agency.