Jobs have been saved at a North East glass manufacturer following a pre-pack deal to new Swedish owners.
Around 100 staff at Romag and Romag PPM in Consett have transferred to Dellner Bubenzer Group, following the deal secured by advisors at RSM in Newcastle.
The majority of the business and assets of Romag and Romag PPM have been acquired by the Swedish firm, which has now created new 海角视频 company, Dellner Romag Ltd, that will focus on the manufacture and supply of specialist glass and glazing products for the global rail, transport, security and architectural markets.
The new company will continue operating from the 125,000 sq ft manufacturing facility in Consett, and a sales office in Berlin.
Romag designs and manufactures glass for train builders globally for all rail vehicles, including the likes of Hitachi Rail for the Government鈥檚 Intercity Express Programme.
It also makes bullet proof and fire resistant glass, as well as toughened glass anti-reflective glass, some of which has been installed at London Zoo and at top jewellers.
Keith Marshall and Gareth Harris of RSM Restructuring Advisory LLP were appointed as joint administrators of Romag and Romag PPM on Monday, August 10, following an extensive accelerated sale process, which resulted in the pre-pack deal to Dellner Romag Limited, for an undisclosed amount.
Seven years ago Romag was enjoying a boom time after a year long bid to win work with Hitachi Rail Europe paid off and it beat off global tenders to sign a preferred contractor agreement to supply specialist glass windows for Hitachi Rail Europe鈥檚 Class 800/801 high-speed trains.
However Romag and Romag PPM had suffered significant financial losses in recent years and were unable to continue trading without further investment, prompting the firm to call in advisors at RSM in Newcastle.
RSM worked with Matthew Brown and Matt Leech of Gateley Legal to secure the deal for the workforce, Dellner Bubenzer Group and the train manufacturing industry.
Keith Marshall of RSM restructuring advisory, said: 鈥楩ollowing a competitive sales process, we鈥檙e pleased to have secured the ongoing and future operations of the businesses. It is equally pleasing to have secured the jobs of over 100 staff.
鈥淭his is a particularly positive outcome for the employees considering the challenging and uncertain market conditions brought on by Covid-19.鈥
Marcus Aberg, CEO of the Dellner Bubenzer Group, said: 鈥楾his acquisition is part of the group鈥檚 continued strategic growth.
鈥淚t will allow us to expand our product offering, particularly in the global rail sector, where we鈥檒l be able to provide complementary glass, vibration control and polymer solutions as an integrated package."
Dellner Romag Ltd will work closely alongside the Dellner Bubenzer Group鈥檚 海角视频-based Dellner Polymer Solutions (DPS) division and both companies will be led by CEO Mikael Petersson.
Mr Petersson said: 鈥淕lass is a new product area for Dellner, but it complements our polymer solutions business perfectly. Particularly in the rail industry, we will now be able to supply vibration control, polymer and glazing solutions as a single, integrated package, to new and existing customers alike. "Through the Berlin sales office, we are also looking to strengthen supply of our polymer and vibration control solutions in the European market.鈥
