A FAMILY-run electrical manufacturer has been bought by a Swedish firm.
Heating equipment component manufacturer NIBE Industrier AB has bought Worsley-based Sheathed Heating Elements Limited (SHEL) for an undisclosed sum.
SHEL has 60 staff at the Wardley industrial estate site at Worsley, and a separate site at Shenzen, in mainland China. The company manufactures tubular heating elements for electrical appliances and water heaters and pioneered production of the modern kettle heating element.
The deal, which took almost a year to complete, was partly brokered by the Manchester office of accountants PKF with Corporate Finance Partner, Clive Brook, acting for the purchaser. PKF has been retained to project manage the acquisition process for NIBE.
Andrew Hunt, joint managing director of SHEL, said: "This transaction opens a new chapter in SHEL's history.
"With the resources of a multi-national manufacturer behind us, we have the opportunity to regain our market leading position, this time on a global basis."
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