THE sale of a Wellington-based factory has concluded.

Pritex, an acoustics business owned by parent company Steinhoff International, has been sold to Saint Gobain High Performance Solutions.

Saint Gobain has acquired 100 per cent of the shareholding of the business, as well as the freehold for the main factory site.

The site is adjacent to former sister company Relyon, a bed manufacturer.

Employees at the Pritex factory were informed around August last year the parent company had intentions of selling the 'niche' business.

Alan Chapman, managing director of Steinhoff UK, said: "The decision to sell the business was made with the objective of finding Pritex the best new strategic partner that would fulfil its potential and support the next level of success and growth, and in this regard, I am confident that Saint Gobain will be an excellent partner of choice for the business.

"Saint Gobain in the UK includes some of the best-known and respected companies including British Gypsum and Jewson.

"Saint Gobain High Performance Solutions UK is division of a large International Group that already supplies products to the automotive and industrial sectors.

"Pritex has strong existing relationships with premier automotive and industrial customers and I am confident these will continue as the business looks to it future with new owners."

A new site entrance is set to be created to help separate Pritex from Relyon.

Mr Chapman added: "A full site separation will take some time.

During this period, Relyon will work with the Pritex management team to ensure that there is a smooth transition to Pritex becoming entirely independent over the coming months.

"In the meantime, Pritex will continue to occupy some of the existing Relyon property in order to minimise disruption to its business.

"Pritex was borne out of the Relyon business 60 years ago and employees across both businesses have strong relationships and associations which I am sure will endure.

"I wish everyone in the Pritex business every success for the future.

"I am sure that the business will continue to be the leader in its field."