Oldbury-based Wellman Group has undergone a management buy-out after calling in the administrators during the summer.
The Black Country engineering business is now called Robey-Wellman Boilers & Furnaces following the MBO by Steven Price, Leigh Bryan and Peter Gibbs.
The three directors, who have decades of experience in the industrial steam boiler and furnace industries, say that the name recognises the long heritage and engineering excellence of the Robey and Wellman brands.
Wellman Group called in the administrators after a dispute with a key international supplier could not be resolved, and it continued to trade for a month until the MBO was finalised.
Mr Gibbs, who has worked with Wellman companies for nearly 25 years, said that the new company consolidated previous divisions of the Wellman Group.
“We are now focused on moving ‘full steam ahead’, building on the long heritage that we have here; we are also looking to invest in both R&D and engineering talent. What remains unchanged is Wellman’s commitment to excellent customer service.”
Mr Bryan said: “We are delighted that 55 jobs were secured by this MBO. As we grow and invest in our products and services, we have no doubt that we will be looking to recruit the next generation of talent to contribute to another 150 years of Wellman engineering excellence.”