Cavan’s CG Power Systems has been sold.
It was announced this afternoon that MML Growth Capital Partners Ireland has bought the company, securing the future of its 400 staff.
MML is to buy CG Power Systems Ireland from the liquidators its parent group after it ran into financial difficulties.
There had been concerns about the future of the plant in Cavan with fears it could be closed as part of the liquidation process.
However, MML says today’s announcement secures the future of the 400 staff.
In a statement this afternoon it says the business will continue to be led by the existing management team under the leadership of Managing Director, Stephanie Leonard.
First opened in Cavan as Pawels Trafo in 1977, it achieved revenues of around €70 million in the year to 31 March 2020.