A Teesside foundry which closed a year ago with the loss of 65 jobs has a new owner.
Sheffield-based real estate firm William Cook Estates has purchased the former ESCO Corporation foundry in Guisborough.
ESCO, which makes excavator components for the construction industry and has operations in 28 countries, closed the site last year amid falling European demand for its products.
William Cook Estates’ sister company William Cook Cast Products originally sold the site to ESCO in 1997 and it will now be redeveloped with a view to welcoming new employment into the region.
Tees law firm Endeavour Partnership facilitated the sale of the site.
“Hopefully this deal and the subsequent redevelopment of the foundry site will lead to the creation of new jobs and business growth in Guisborough,” said Endeavour’s head of commercial property Simon Wake.
“ESCO stressed from the start of the process that it was important to find a buyer that would deal with the site appropriately and William Cook Estates certainly fits that bill.”
ESCO announced the closure of the Guisborough site in September 2014.
At the time Tim Myers, president of US-based ESCO’s construction and industrial division, said it had been running at less than half its capacity, and the decision to go ahead with the shutdown had been a “last resort”.
“The Guisborough foundry produces smaller products where price and access to markets is critical,” he said.
“We cannot be cost competitive if we continue to manufacture these small products in a plant that is located far from our customers and running at partial capacity.”