A leading manufacturer in Peterborough has been bought by a Japanese foundry equipment giant in a new deal.
The £25 million turnover Omega Foundry, based in Morley Way, has been acquired by the world-beating Sintokogio Corporation, located in Nagoya.
The Japan-based manufacturer of casting equipment has acquired a majority interest in Omega, which began life in a management buyout from parent company Baker Perkins, in Peterborough, in 1984.
Omega employs 70 people in Peterborough with a total of 130 worldwide.
Omega chairman Mark Fenyes said: “The acquisition not only secures the current workforce but we expect the company will grow its operation in Peterborough over the medium term resulting in an increase in the workforce.”
“Omega and Sinto have enjoyed a working relationship together since 2006 and this next stage will allow both companies to benefit from the expanded equipment range in the field of chemically bonded sand, combined with the global reach of the two companies.
“The name of the company will change to Omega-Sinto and I and the current directors will continue to run the company and its global subsidiaries. This is an exciting time and being part of the largest global manufacturer of foundry equipment will bring significant opportunities.”
Omega Foundry was the winner of the Peterborough Telegraph Business Awards exporter of the year category last year.