A MAJOR Blackburn company has been snapped up by an American firm.

High-tech manufacturer Precision Polymer Engineering (PPE) is now owned by Illinois-based IDEX Corporation after being sold by East Lancashire founder Peter Cummings, it was announced yesterday.

But PPE bosses immediately moved to reassure staff, saying there would be no resulting job losses and the firm’s base would remain in Greenbank Road, which designs and manufactures rubber seals for advanced manufacturers across the world.

Managing director Peter Cloney said: “There is no change as far as jobs in Blackburn are concerned.

“This move merely underlines our growth plans for the future.

“We looked at our options and Peter Cummings was adamant that he wanted an option that would keep in place our plans for the next five years, and one that would cement our base in Blackburn.”

PPE and IDEX, a fluid and metering business, refused to reveal the value of the deal but it is likely to make Mr Cummings a millionaire.

PPE, which employs around 200 in East Lancashire, had a turnover last year of £20million and has a strong foothold in European, US and Asian markets.

The Blackburn firm is IDEX’s first subsidiary that manufactures rubber seals.

Mr Cloney said: “We know what IDEX are good at. They only buy successful, growing companies and then they make them more successful.”

IDEX’s acquisition also includes PPE’s bases in Aberdeen and California.

The US firm, whose head office is north of Chicago, specialises in fluid engineering and already owns 10 UK companies, including one which manufactures the Jaws of Life tools for firefighters.

IDEX chief executive Larry Kingsley said: “PPE is strongly placed for further growth and we are extremely pleased at their decision to become part of IDEX.”

PPE was founded in 1974 but has accelerated its growth in the past decade, culminating in a Lancashire Telegraph Business Award for innovation last year.

East Lancashire Chamber of Commerce chief executive Mike Damms said: “A lot of the time when a foreign investor takes over a company it is because they think they can make more of it, and this could be the case here.

“We know that PPE is an excellent company and all its expertise is based here in East Lancashire