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161 jobs saved at Durham based glass manufacturer

The jobs of 161 workers have been saved at a Durham-based glass manufacturer after it was sold to housing group Gentoo.

Gentoo yesterday took over Romag, which manufactures solar glass and composites for the security, architectural and specialist transport markets.

Peter Walls, Gentoo Group chief executive said: “We are delighted to be the new owners of Romag.

“The acquisition brings together two complementary organisations, building upon our strong environmental credentials.

“Gentoo believes the low carbon market will continue to be a strategic area of growth and puts us in a unique position to take advantage of opportunities in our sector.”

A team of insolvency, turnaround and corporate finance specialists from Deloitte advised on the complex distressed deal.

The company appointed Deloitte in mid-March to assist and provide specialist advice on the strategic options available to Romag.

Dan Renton, director at Deloitte, said: “We have successfully completed the sale of the goodwill and assets of Romag Holdings plc and its subsidiaries that will protect the 161 jobs that were at risk.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .