A SUBSEA power cable maker is being bought by a fellow market operator.
JDR Cable Systems, which employs hundreds of workers at a plant in Hartlepool, says wire and cable producer Tele-fonika Kable is taking it over.
The deal, subject to regulatory approval, is expected to be concluded later this year.
Bosses say the companies have a long history of collaboration, with JDR’s subsea systems, which are used in the global offshore oil, gas and renewable industries, expected to enhance the range of solutions Tele-fonika can provide to customers.
They added the agreement will not affect JDR’s North- East operations, where its Hartlepool manufacturing base is complemented by a newly-opened European service centre in Newcastle.
David Currie, JDR chief executive, said: “This creates a strong platform for JDR to enhance its position and marks the next exciting chapter of our business.”
Monika Cupiał-Zgryzek, Tele-Fonika chief executive, added: “We are planning to maintain JDR’s operations in current locations and provide new opportunities for employees and business partners.”
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