Jobs saved as deal agrees to buy Texas Instruments plant
US manufacturer Diodes has entered into an agreement to acquire the facility in Greenock.
Hundreds of jobs at a threatened semiconductor plant in Inverclyde have been saved after a rescue deal was agreed with a US firm.
Electronics manufacturer Diodes International has stepped in to take over Texas Instruments in Greenock, which employs around 300 workers, nearly three years since bosses announced plans to move the site abroad.
The Larkfield plant was due to close in June this year in a move that would have seen hundreds of engineers lose their jobs.
But Inverclyde Council now say that Diodes, who have promised significant investment, will continue production at the Greenock site after the deal was agreed.
The deal is expected to be complete by spring 2019 and the council confirmed that all current employees will be transferred over to Diodes.
It was in January 2016 that bosses at TI announced plans to move the plant to more cost effective sites in USA, Germany and Japan in a move that represented a massive blow to the local area.
The buyout has been supported by a Scottish Government funding package worth almost £15m.
"Diodes extends our appreciation to the Scottish Government, Scottish Development International and Inverclyde Council, who have worked to facilitate this transaction."Dr. Keh-Shew Lu.
Jamie Hepburn MSP, Scottish Government Minister for Business, Fair Work and Skills, said, "I am pleased that Texas Instruments and Diodes have reached an agreement that will see continued production and employment in Greenock.
"The positive approach we have taken has helped to support this outcome and securing these jobs in Greenock would be a terrific result for all involved.
"The Scottish Government and its agencies will continue to work closely with Diodes, Texas Instruments and our public sector partners to put this project on a path towards a successful conclusion."
Diodes' president and chief executive Officer, Dr. Keh-Shew Lu, said: "This transaction meets our criteria for strategic acquisitions, and we expect it to be immediately accretive.
"It offers us additional wafer fab capacity to support our product growth, in particular our automotive expansion initiatives, as well as excellent engineering skills and wafer fab know-how to support our technical and operational performance expectations.
"In addition, Diodes extends our appreciation to the Scottish Government, Scottish Development International and Inverclyde Council, who have worked to facilitate this transaction."
Greenock and Inverclyde MSP Stuart McMillan has welcomed the news.
He said: "I am absolutely delighted that we now have a solution that sees Inverclyde benefit from the continuation of high value manufacturing in the constituency.
"The Scottish Government has worked tirelessly to secure this outcome - the SNP will always stand up for jobs and manufacturing in Scotland.
"Despite the uncertainty that the workforce faced over the last few years, they have remained motivated, focused and have consistently delivered. The new company will be getting a highly skilled workforce to be proud of.
"I am delighted with the efforts of everyone involved to help get this deal done and want to pay particular tribute to Scottish Enterprise and all public agencies involved for their sterling efforts."