New owners have saved 167 jobs at OE and aftermarket clutch specialist AP Driveline.
After going into administration in January, its clutch, flywheel and damper business has been sold by administrator PricewaterhouseCoopers to Italian brake systems manufacturer Raicam Industrie.
The £18 million turn-over business, which has
a manufacturing facility at Leamington Spa, will trade as Raicam Clutch, a newly formed UK
subsidiary of Raicam Industrie.
Raicam Industrie also owns AP Automotive
Products, a clutch specialist in Italy.
David Bennett, joint administrator at PricewaterhouseCoopers, said: “We are delighted to be able to secure this business sale and provide some much-needed stability for customers, suppliers and employees alike in these uncertain times.
“The support of these stakeholders has been crucial over the last two months and without their continued support the rescue of the clutch related business would not have been possible.
“These are very chall-enging times within the automotive sector, which makes the sale of the
business even more satisfying.”
AP Driveline had previously gone into administration in 2005. That time it was bought by Magal Group Engineering.