A North Wales company which makes automotive parts has been snapped up by a Swedish group. Henrob, which is based at Deeside Industrial Estate, will become part of Atlas Copco.
Under the terms of the deal, all subsidiaries of Henrob are to be acquired by the Stockholm-headquartered company.
It will become part of Atlas Copco's MVI tools and assembly systems division within its industrial technique business. The Henrob brand will be retained.
Employing about 400 staff, Henrob makes self-piercing rivets which allows for two or more materials to be joined together where welding is difficult.
Its products are used by the automotive industry in Europe and the US, and is also has operations in the US.
Atlas Copco said the acquisition would allow it to serve customers in more markets and expand in a fast-growing market segment with state of the art technology.
Henrob was established in 1985 with opened its site in North Wales.
Earlier this year, it clinched a £5.2m finance package from HSBC which helped it create 100 new jobs.
"Henrob is a strategic fit in our portfolio of adjacent fastening technologies for the automotive industry," said Mats Rahmstr??m, president of industrial technique business area.
"It is a logical addition to our automotive body shop business. Now we can serve customers with three assembly technologies: tightening, adhesives and self-pierce riveting."
Henrob founder Keith Jones said: "Backed by Atlas Copco's resources and energised by this very exciting development, Henrob will now have every possibility of sustained success. There is considerable synergy both in products and in philosophy plus a clear commitment from Atlas Copco to fully support the further development of Henrob.
"I am very pleased that Henrob will enter a new phase of its existence in the capable hands of a top global organisation. We could not have chosen better, a great future has been secured for Henrob."
The deal is expected to be completed in the third quarter of the year.