A TEXTILES manufacturer, which can trace its history back to 1933, is set to be bought in a £44million deal.
James Dewhurst Group, which has a base in Altham, is to be taken over by Sioen Industries.
The Belgium firm has purchased 100 per cent of the company’s shares.
The sellers are AAC Capital Partners, the Brierley family trusts, and the management of James Dewhurst.
The group also has a production centre in Georgia in the USA.
It is expected that Sioen Industries will take control as of early next month.
A spokesman for Sioen Industries said: “James Dewhurst Group has successfully developed a proprietary manufacturing technology that allowed it to establish a market leading position in the supply of open construction laid scrims.
“With this acquisition Veranneman Technical Textiles, a division of Sioen Industries, reinforces its position in the market of the reinforcement textiles and completes its product range.
“The new configuration can offer a full range of woven, laid and laminate scrims and fabrics.”
In 2004 the Lancashire firm opened its factory in the USA.
The company has said it has sold more than one billion square metres of flexible reinforcement materials in 47 countries over the last two years.
No information has been released on the future of jobs at the Altham plant.
Cavendish Corporate Finance advised the sellers while Allen and Overy was adviser to the buyer.
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