Construction products manufacturer Kingspan today announced its acquisition of the UK's largest producer of solar thermal panels for hot water.
Thermomax, based in Bangor, makes solar heating systems but went into administration in July after running into financial difficulties.
The firm employs 185 people at its Bangor factory in County Down, and 85 people in its Cardiff factory.
Kingspan said that it was buying the company as a going concern, maintaining the Thermomax name and brand identity and intended to expand its operations.
'The acquisition of Thermomax fits very well with Kingspan's business strategy of investing in renewable energy and sustainability in building, which we see as key to our future,' said Noel Crowe, managing director of Kingspan Environmental and Renewables division.
'Thermomax is a significant strategic investment for Kingspan Environmental and Renewables. We will be investing further in the business to develop its full potential for the future,' he added.
Founded in 1980, Thermomax had a £15m turnover, last year. Thermomax has established a worldwide reputation for the development of hi-tech vacuum solar panels. The company's products are sold to customers in over 40 countries.
Kingspan Environmental and Renewables is a division of the Kingspan Group headquartered in Co. Cavan, Ireland. Kingspan has manufacturing and distribution operations throughout the world. It was founded in 1972 as a small family business by Eugene and Brendan Murtagh, both members of the Board of Directors.
Since 2000, the Kingspan group has continued to grow through select acquisitions.