Castings plc has bought the fixed assets and stock of Russell Ductile Castings Ltd, a subsidiary of Midlands-based Chamberlin plc, from administrators for £400,000 in cash.
Russell Ductile is an iron foundry producing parts for the capital goods and energy market, some of which are common to Castings, the latter said.
Russell Ductile ceased production following the appointment of administrators in May this year by Chamberlin for its two trading subsidiaries, the other being Chamberlin & Hill Castings Ltd.
Chamberlin shares are suspended from trading on London’s AIM and are due to be cancelled this month.
Castings has said that it intends to continue operating the plant from its existing site in Scunthorpe, over which a new 25-year lease has been agreed.
