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Buyer found for car parts factory Buyer found for car parts factory
(about 1 hour later)
A buyer has been found for the Visteon car components factory in Swansea which was put up for sale this month, putting almost 600 jobs at risk.A buyer has been found for the Visteon car components factory in Swansea which was put up for sale this month, putting almost 600 jobs at risk.
The engineering group GKN has confirmed it is negotiating to buy the Swansea plant, as well as others in Poland and Germany.The engineering group GKN has confirmed it is negotiating to buy the Swansea plant, as well as others in Poland and Germany.
Enterprise Minister Andrew Davies said it was "fabulous news".Enterprise Minister Andrew Davies said it was "fabulous news".
He said he understood GKN wanted to make Swansea a European centre of excellence for its operations.He said he understood GKN wanted to make Swansea a European centre of excellence for its operations.
Officials from the union Amicus also welcomed the news, saying that without a buyer coming forward, the future had looked "very, very bleak".Officials from the union Amicus also welcomed the news, saying that without a buyer coming forward, the future had looked "very, very bleak".
Visteon confirmed earlier this month that it planned to sell the plant, which makes axles and brake systems.Visteon confirmed earlier this month that it planned to sell the plant, which makes axles and brake systems.
We will do everything we can not just to keep the jobs in Swansea but hopefully grow the plant in Swansea as well Enterprise Minister Andrew DaviesWe will do everything we can not just to keep the jobs in Swansea but hopefully grow the plant in Swansea as well Enterprise Minister Andrew Davies
The plant is on a prominent site on Fabian Way, the main road into Swansea. Mr Davies, AM for the neighbouring constituency of Swansea East, said he received a call from Visteon managers on Thursday informing him of developments. The plant is on a prominent site on Fabian Way, the main road into Swansea. Mr Davies, AM for the neighbouring constituency of Swansea West, said he received a call from Visteon managers on Thursday informing him of developments.
The two companies were hoping to finalise a deal by early December, Mr Davies said.The two companies were hoping to finalise a deal by early December, Mr Davies said.
"We've pledged all our support as a government."We've pledged all our support as a government.
"As I said to the assembly this week we will do everything we can not just to keep the jobs in Swansea but hopefully grow the plant in Swansea as well, " Mr Davies added."As I said to the assembly this week we will do everything we can not just to keep the jobs in Swansea but hopefully grow the plant in Swansea as well, " Mr Davies added.
The assembly government would "obviously want reassurances and guarantees from the company GKN if they wish to take up our offer of financial support," he said.The assembly government would "obviously want reassurances and guarantees from the company GKN if they wish to take up our offer of financial support," he said.
'Dire straits''Dire straits'
GKN confirmed it had entered into exclusive discussions to acquire the Swansea plant. It said it was also talking to Visteon about the purchase of factories in Düren, Germany, and Praszka, Poland.GKN confirmed it had entered into exclusive discussions to acquire the Swansea plant. It said it was also talking to Visteon about the purchase of factories in Düren, Germany, and Praszka, Poland.
It said a further announcement would be made "when appropriate".It said a further announcement would be made "when appropriate".
Cath Speight, Amicus' regional secretary for Wales, said GKN would use the Swansea plant for its gear-cutting business, which it did not already have.Cath Speight, Amicus' regional secretary for Wales, said GKN would use the Swansea plant for its gear-cutting business, which it did not already have.
"It does signal a long-term future for the Swansea plant because they're acquiring something that they need, that they don't currently have," she said."It does signal a long-term future for the Swansea plant because they're acquiring something that they need, that they don't currently have," she said.
"Before yesterday there was more chance of the Swansea plant being in dire straits and looking at future closure."Before yesterday there was more chance of the Swansea plant being in dire straits and looking at future closure.
"I think that the GKN possible buy-out of the Swansea plant is fabulous news.""I think that the GKN possible buy-out of the Swansea plant is fabulous news."