WELLINGTON firm Pritex, which has a 240-strong workforce, has been sold to Saint Gobain, an international company employing 180,000 employees in 67 countries.

Workers were told yesterday afternoon, before Alan Chapman, managing director of Steinhoff UK Manufacturing Group, released the following statement: “I am pleased to announce that the process of selling the Pritex business has been concluded today.

“Saint Gobain High Performance Solutions UK Limited (‘Saint Gobain’) have acquired 100 per cent of the shareholding of the business as well as the freehold for the main Pritex site.

“The decision to sell the business was made with the objective of finding Pritex the best new strategic partner that would fulfil its potential and support the next level of success and growth, and in this regard, I am confident that Saint Gobain will be an excellent partner of choice for the business.

“Saint-Gobain in the UK includes some of the best-known and respected companies, including British Gypsum and Jewson.

“Saint Gobain High Performance Solutions UK is a division of a large international group that already supplies products to the automotive and industrial sectors.

“Pritex has strong existing relationships with premier automotive and industrial customers and I am confident these will continue as the business looks to it future with new owners.

“A full site separation will take some time. This will include the creation of a new entrance through the Longforth Farm Estate.

“During this period, Relyon will work with the Pritex management team to ensure that there is a smooth transition to Pritex becoming entirely independent over the coming months.

“In the meantime, Pritex will continue to occupy some of the existing Relyon property in order to minimise disruption to its business.

“Pritex was borne out of the Relyon business 60 years ago and employees across both businesses have strong relationships and associations which I am sure will endure.

“I wish everyone in the Pritex business every success for the future and I am sure that the business will continue to be the leader in its field.

“EY Frankfurt (GSA) in close co-operation with EY UKI acted as exclusive M&A adviser for Relyon and the Steinhoff International Group in the sale of Pritex to Saint Gobain.”

The WWN exclusively revealed last August that the company was up for sale.

At the time, Mr Chapman said: “Following the unexpected events with our South African parent company, Steinhoff International, at the end of last year, I can confirm that we have notified all employees that we have started a process to market the Pritex business for a potential sale.”

He also assured the workforce the company had ‘a long future.’

Earlier this month the WWN disclosed that Pritex was in negotiations with ‘one potential buyer’.

Considerable interest had been shown in the company since the disclosure it was up for sale.