Woods Air Movement has been sold by Marconi for £53 million.
And yesterday (Thursday) managing director David Priest was delighted to say that for the 650 Colchester employees it would be "business as usual".
The company which has had a site in Colchester since 1909 has been bought by private equity company Compass Partners International.
Marconi bought Woods in the 1960s, but has decided to sell 58 per cent of the company to Compass Partners International in a deal which is due to be sealed in January.
The sale includes the site in Colchester and five overseas subsidiaries of the company which together have annual sales in the region of £70 million.
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