A FAST-GROWING engineering firm is being bought out by its management team in a £3 million deal.

Park Products, of Blackburn, which manufactures mobile lighting towers, control panels and sheet metal work, is being bought out from its parent company Fife Indmar.

The firm, which employs around 50 people, recently moved to new purpose-built premises on the Greenbank Technology Park in Blackburn. Managing director Mike Welsh said the buy-out would provide an opportunity to expand the business.

"We are very clear on how we can build on the foundations laid as part of Fife Indmar," he said. "Currently 95 per cent of our work is UK-based but we will be exploring other markets in the future. We believe there is good demand for our services and products and we are well placed to meet this expanding market."

Park has announced that it is acquiring temporary traffic light manufacturer Faronwise, of Banbury. Shareholders of Fife Indmar gave the go-ahead buy-out at a meeting earlier this week.

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