Brexit Glyn welcomes firm ‘turning Japanese’

In the wake of one of Montgomeryshire’s biggest employers being sold to Japanese investors, MP Glyn Davies said it shows confidence in Britain post-Brexit.

Mr Davies, a strong supporter of leaving the European Union, said the £900milllion sale of Control Techniques will secure the nearly 400 jobs at its two Newtown sites.

Currently part of the US Emerson Group, the company will be taken over by the Nidec Corporation.

“The sale is excellent news for the Mid-Wales economy, a major economic boost to Newtown and will be a great relief to its employees, and the area,” he said.

“The company is one of Mid-Wales greatest modern success stories, and has continued to thrive in international markets since being bought by Emerson Electronics a few years ago.

“With new investment from new owners, the Japan based Nidec Corporation, the company is well placed to continue its success in Wales. Since Control Techniques was put on the market last year, there has inevitably been some concern. This news is likely to bring welcome confidence in the future and reassurance to employees. 

“The decision by the Nidec Corporation to invest 1.2 billion dollars, the major part of which is into Mid-Wales, demonstrates that Britain remains an extremely attractive proposition for overseas investors. At a time when there is uncertainty following the decision by the British people to leave the European Union, this is a major display of confidence in the UK.”

Since the exit vote, the pound has fallen nearly 15% which makes British goods and companies attractive to foreign investment.