Japan’s Sumitomo Heavy Industries (SHI) has finalised a £100 million deal to acquire Welshpool-based Invertek Drives Ltd, which employs more than 240 people at its headquarters in Powys.

Established in 1998, Invertek (www.invertekdrives.com) manufactures variable-frequency drives that are used to control electric motors in a variety of industrial, commercial and energy-saving applications; its products are sold to customers in more than 80 countries world-wide.

SHI’s (www.shi.co.jp) acquisition of Invertek’s entire issued share capital will be followed by significant investment.

The deal was completed with the support of Shropshire-based law firm Aaron & Partners, which acted on behalf of the Invertek shareholders.

Stuart Scott-Goldstone, head of corporate and commercial at Aaron & Partners, said: “We are delighted to see this acquisition finalised, having worked very closely with the shareholders at Invertek throughout the process.

“The deal reflects the dedication, vision and ambition of the management team at Invertek. The company now has a fantastic opportunity to build on its success and further enhance its reputation.”

Invertek’s operations director, Charles Haspel, said: “We are very pleased to see this deal concluded, and we are excited about the future of the company with the power of the SHI resources now behind us.

“We have retained our management team as part of this deal, and we are now looking forward to pushing the Invertek brand into new markets and territories.”