A Lancashire engineering firm has been acquired out of administration, saving 21 jobs.
Performance Springs, which was established in 1996 and based in Lytham St Annes, has been acquired by Melling Performance Springs.
Melling Performance Springs is a subsidiary of Melling Tool Company - based in Michigan, USA - which is a manufacturer of oil pumps and other powertrain components, serving the global automotive original equipment and aftermarket industries.
Jeremy Oddie and Julie Webster from independent advisory firm Mitchell Charlesworth were appointed as joint administrators on March 4.
Ms Webster, an associate at Mitchell Charlesworth, said: “We are delighted to have been able to conclude a sale of the business and assets, following strong interest, despite the current market uncertainty.
“The sale secures a future for a well-established manufacturing business, ensures continuity of supply for its global customers, and most importantly, safeguards jobs in Lancashire.
“We would like to thank the staff for their commitment and support during the sales process. This is a very positive outcome during challenging times.”
Melling chief executive Mark Melling added: “Even with all what is happening our commitment to the talented people and innovative staff at Performance Springs has not waivered.
“We are fortunate and honoured to add the Melling name to Performance Springs and look forward to celebrating our 75th anniversary next year.”