THE identity of the new owner of the former Samsung factory will be revealed today.

An announcement is due to be made this morning confirming who will be taking over the factory, at Wynyard, near Stockton.

Regional development agency One NorthEast is understood to be making an announcement at the same time.

A total of 425 workers at the site have been looking for work since Korean company Samsung last month announced it was to close the site, despite record worldwide profits running into billions.

The factory was opened nine years ago by the Queen after the company received at least £10.5m in grants from the British taxpayer.

But Samsung said UK workers' £5.50- an-hour wages were too high for the plant to be cost effective.

Refrigerator recycling company JCM Services Ltd was thought to be interested in buying the 200-acre site, which adjoins the Sir John Hall-owned Wynyard Business Park.

It is believed that a deal has now been signed to develop the site by a local businessman.

A spokeswoman for the Department of Trade and Industry said: "It is hoped that some of the workers at Samsung will find jobs with the new owners."

It is understood the deal for the land was signed shortly before the announcement that the factory was to close last month.

No one was available for comment from JCM yesterday.