Falkirk’s last remaining iron foundry has been sold to its staff in a move that safeguards 35 jobs at the firm, which has annual sales of £2.2 million.
Specialised Castings’ previous owner Steve Waring, who is retiring, said the company will remain in Denny, “providing real employment for generations to come”.
He added: “I may have achieved a better price but I couldn’t be responsible for allowing the last foundry in the area to go.”
The company has been involved in a number of prestigious projects, including the supply of castings for a Harry Potter attraction at Universal Studios in Florida.
Waring received advice on the deal from employee ownership specialist Carole Leslie – who helped with the appointment of new managing director Alan Nicholson – as well as law firm Blackadders and Co-operative Development Scotland.
Sarah Deas, chief executive of Co-operative Development Scotland, said: “Employee ownership is recognised as a sustainable, successful business structure.
“I’m delighted Specialised Castings have chosen this route as a means to keep the company, and its specialist skills, in the local area. I wish them well.”