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23/08/2007
Kingspan Buys Bangor Solar Systems Manufacturer
Bangor solar heating systems firm Thermomax has been sold to the Irish construction company Kingspan.
The company, which employs 185 people at its Bangor factory and a further 85 in Cardiff, went into administration in July following financial troubles.
Kingspan revealed it would buy the company with intentions of expanding its operations.
Gareth Calow of administrators PricewaterhouseCoopers said: “The transaction will provide the business with an excellent opportunity to realise its full potential in the future.
“The opportunity for such a positive outcome has been possible thanks to the ongoing loyalty and support of the workforce and the continued co-operation of the customers and suppliers, together with assistance from Invest Northern Ireland.”
Thermomax was formed in 1980 and designs and manufactures vacuum solar thermal systems.
(JM/SP)
The company, which employs 185 people at its Bangor factory and a further 85 in Cardiff, went into administration in July following financial troubles.
Kingspan revealed it would buy the company with intentions of expanding its operations.
Gareth Calow of administrators PricewaterhouseCoopers said: “The transaction will provide the business with an excellent opportunity to realise its full potential in the future.
“The opportunity for such a positive outcome has been possible thanks to the ongoing loyalty and support of the workforce and the continued co-operation of the customers and suppliers, together with assistance from Invest Northern Ireland.”
Thermomax was formed in 1980 and designs and manufactures vacuum solar thermal systems.
(JM/SP)
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Northern Ireland WeatherThis Evening and Tonight:Rain clearing away east by early evening with some clear spells but a few showers likely to affect the North coast and other areas towards dawn, remaining breezy and mild overnight. Minimum temperature 9 °C.
