TOOMEBRIDGE manufacturer SDC Trailers has been bought over by Chinese firm CIMC Vehicles.
The company bought SDC's parent Retlan Group for an undisclosed sum.
The existing management team will remain in post and the company said plans are in place to consolidate its position and increase its export sales.
Commenting on the deal, David Li, General Manager and Director of the Board of CIMC Vehicles said: “We are delighted to have acquired the Retlan Group. The acquisition will mark an exciting new chapter in its history. We look forward to working with the existing management to continue its fine tradition of high quality UK-based manufacturing and to the opportunity for further investment to help grow the business.
"The Retlan Group will represent a valuable complement to CIMC Vehicles’ portfolio and progress our on-going policy of global operations, local knowledge.”
Retlan Group chief executive Mark Cuskeran said the acquisition was "an important step forward for SDC Trailers and the rest of the Retlan Group".
"This is a significant opportunity for the company, its staff and for the future. We have been impressed by the approach of the new owners to the acquisition, and the company is now looking forward to a significant period of growth on a global scale," he said.
Co-chairmen John and Darren Donnelly added: “We would like to express our extreme gratitude to the staff and workers of SDC Trailers and MDF Manufacturing who made our business consistently successful over many years to date. We wish CIMC Vehicles continued success and prosperity in the future.”
CIMC Vehicles, founded in 2002, is a leading trailer manufacturer with global presence in continental Europe, North America, Latin America, Asia, Australia and Africa.
The Retlan Group, which has 950 employees, achieved £198m in sales for latest financial year.
Established in Toomebridge, Northern Ireland in 1978, SDC has expanded its trailer manufacturing business into Europe. The Retlan Group has production plants at Toomebridge and Antrim as well as Mansfield in England.