ENGINEERING firm Syncro has been bought out for an undisclosed sum.
The business, which has a base in Gateshead employing 130 people, provides mechanical and electrical engineering services to the private sector.
It has been bought out by Aston Ventures, which has a portfolio of businesses in the leisure, engineering and mechanical sectors. The 400 workers across the regional depots in Gateshead, Manchester, Bristol and Scotland, will be retained as Syncro employees.
Paul Hewitt, deputy chief executive of Syncro's parent organisation, the Co-operative Group, said the decision to sell the business was in line with the group's declared strategy of focusing on its core businesses.
"Aston has an established and successful track record in managing and developing businesses in a number of sectors," he said.
"This is a positive step forward for Syncro, which will help build its strengths in a competitive marketplace."
Paul Ruocco, spokesman for Aston said: "Syncro has an excellent reputation and good prospects."
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article