Newtown firm Control Techniques sold to Nidec by Emerson

Control Techniques was established in 1974

A big employer in Powys is being sold as part of a multimillion pound deal.

Japanese Nidec Corporation is acquiring Newtown-based Control Techniques in a double acquisition worth £913m ($1.2bn US dollars).

Control Techniques, which makes drives for machines, opened a third facility in Newtown last year. It employs 650 staff in the UK and more overseas.

Owners US-based Emerson is also selling Leroy-Somer, based in France, which also makes drives and motors.

Nidec, a major global motor group, said the deal would improve its presence in the European market.

Emerson, itself a global manufacturing and technology company, said the sale was part of a restructuring programme.

The deal was signed on Tuesday and is expected to be concluded within weeks.