PART of a leading East aerospace manufacturer is back in local hands after a buyout deal.

Kaman Tooling's operation in Burnley is now under the ownership of Accrington-based G Parker Aero Tooling Solutions.

Bosses say the enlarged outfit will help them to become Europe's number one supplier of composite mould tools for industry.

Michael Parker, the owner of the second-generation G Parker firm, has spearheaded the acquisition from the Connecticut-based Kaman Corporation.

Helping him to drive forward the KTL Tooling name will be their new non-executive chairman Dave Roberts, who brings a wealth of industry knowhow to the role.

The venture's Burnley plant was only opened in Innovation Drive, part of the aerospace supply park on the former Michelin site, in 2014, employing more than 60 technical engineers and support staff. Their clients include BAE Systems, Rolls Royce, GKN Aerospace, Airbus EADS (Astrium) and Thales Underwater Systems.

Unveiling the move, Mr Parker said: "A history of innovation binds KTL Tooling and G Parker Aero Tooling Solutions, which was a key driver behind the takeover.

"Creating a single group brings a significant breadth of technical ability that sets us apart from our competitors, ultimately supporting both business’s growth plans and the evolving needs of our customers."

KTL will still enjoy preferred supplier status with Kaman and their composites site, based at India Mill in Darwen, remains part of the wider US corporation.

Mr Parker added: "Tooling was one of the many specialisms under the Kaman banner and we are focused on enhancing KTL Tooling’s manufacturing capability with its relevant approvals.

"We still work closely with Kaman on a preferred supplier basis, whilst ensuring we maintain the same high levels of innovation, service and support for our entire client base.

"East Lancashire is one of the world's largest aerospace clusters and I am committed to strengthening the region's outputs through this enlarged tooling group to ensure it remains a significant hub for advanced global manufacturing."

He has estimated that worldwide the composite tooling market is expected to top $551million by 2021, growing at the rate of 10 per cent per annum, driven by a demand for lightweight and performance materials in the aerospace, defence and automotive sectors.

Established for nearly 60 years, KTL Tooling has developed a range of specialist tools for the manufacture of complex aircraft parts for the A350, F-35, Typhoon, A320, Learjet and A340 among others.

,The announcement comes during a stellar time for the aerospace industry in East Lancashire, with discussions for an advanced manufacturing centre based on the enterprise zone at Samlesbury progressing and the expansion last year of BCW Engineering, also based in Burnley.

But the prospects for Rolls-Royce workers in Barnoldswick have taken another hit this week. Late last year it was expected 60 of the aerospace giant's post would be lost in West Craven. But now it is feared there will be further posts to go.

Under a global restructuring exercise, 4,600 roles will be axed, it has been confirmed.

A Rolls-Royce spokesman said: At this stage, we are unable to share an exact breakdown of the number of roles we are proposing to reduce at our UK sites, including Derby and Barnoldswick, but we are currently consulting with our employees and their representatives, and are offering them our full support."