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Huddersfield-based engineering company David Brown has been bought as part of a $1bn deal between East Kilbride-based Clyde Blowers, and American Fortune 500 company Textron.

Huddersfield-based engineering company

David Brown

has been bought as part of a $1bn deal between East Kilbride-based

Clyde Blowers

, and the Fortune 500 company

Textron

.

In addition to David Brown Hydraulics and David Brown Gear Systems, the acquisition also involves the Swiss company Maag Pumps and US Penistone-based Union Pumps.

David Brown is a provider of gearing solutions and hydraulic pumps to industries such as defence, mining and cement. David Brown Gear Systems currently employs around 380 people at its Huddersfield site and a further 1,113 people globally.

Jim McColl, chief executive of Clyde Blowers, said: ‘I believe it is a great boost for British business. At a time when the news is all about foreign businesses coming to the UK and buying our biggest companies, here is a story of a British company having the clout to buy an entire division from a global company ranked 202nd in the American Fortune 500.’

Ian Farquhar, David Brown’s general manager added: ‘This is great news for David Brown. It has been something of an open secret within David Brown for some time now and there is a mood of optimism within the company that with Clyde’s support and investment we have a bright future.’