DUBLIN, IRELAND - State-backed MML Capital Partners has taken a controlling stake in CG Power Systems, in a move that has saved 400 jobs in Cavan, Ireland.
CG Power Systems, which makes distribution transformers for utilities such as ESB Networks, was formerly part of the Avantha Group. It is being acquired from liquidators who were appointed to its direct parent CG Power Systems Belgium, following difficulties in the wider group, reports The Irish Times.
The change of ownership is expected to facilitate "significant investment" in CG, which has a 17,000 sqm plant in Cavan.
The company has been manufacturing in the town since 1977, having been first established by Pauwels Trafo of Belgium.
