On Monday, administrators Deloitte were appointed to construction company McMullen Facades, which operates factories in Portadown and Moira.
However, within days, it was sold to JRL Group in England for an undisclosed sum in a deal which means the retention of the jobs at both sites.
Gareth Wilson, the Lord Mayor of Armagh, Banbridge and Craigavon Council, said he welcomed the reassurances provided by the new owners.
“This type of situation is always difficult and, especially at this time of year, any uncertainty around jobs is always worrying for families,” said Mr Wilson.
“I am therefore glad to hear that the buyers of the firm have committed to retaining the staff, and hopefully a strong future can be mapped out for the firm under the new owners.”
This is the second time McMullen Facades has been in administration in recent years. It was also rescued from administration back in 2012.
A spokesperson for Deloitte said: “McMullen Facades Limited is a profitable business that unfortunately has been affected by cash flow issues in the wider Lakesmere group.”
A JRL Group spokesman added: “The acquisition of McMullen gives us the capability to offer a ‘structure and envelope’ package.
“This will give clients a single point of contact to get a watertight building, whilst allowing savings on preliminaries, improved co-ordination, better programme and risk management benefits.”
Become a member
Support local, independent businesses by becoming an independent member.Become a member