Hundreds of Essex workers have found themselves with new bosses after troubled telecoms giant Marconi sold their company to its Italian rivals.

Defence communications business Marconi Strategic Communications, which employs 350 people in Chelmsford, has been sold to aerospace and defence firm Finmeccanica for £387million.

A spokesman for Marconi said there were unlikely to be any job cuts as a result of the deal.

The group put the business up for sale in February, but Finmeccanica is thought to have originally balked at the asking price of between £350million to £400million.

In a statement, chief executive Mike Parton said: "We have achieved a very positive outcome for Marconi and for Strategic Communications.

"Finmeccanica will be an excellent home for the business, its customers, management and employees."

The communications business is based in Genoa, Italy, but employs 500 staff in the UK.

Published Tuesday August 13, 2002

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