A Warwickshire manufacturer has been sold by its American parent company because of its impact on group profitability.
Nuneaton-based Clamonta, which makes precision components for the aerospace sector, has been acquired by Canadian outfit HLD Corporation for £800,000 from Symmetry Medical which specialises in medical products.
Symmetry called the deal an "appropriate step" to focus on its core markets and reduce its manufacturing footprint while remaining committed to the aerospace market, including from its base in Sheffield.
Chief executive Thomas Sullivan said: "While Clamonta had a challenging 2013 and continued to negatively impact our overall profitability, I am proud of the progress made by the local team and believe they and their customers will be best served as part of a new entity.
"Symmetry remains committed to the aerospace forging and associated machining segment of the market and will continue to serve aerospace customers."
In 2013, Clamonta generated $11.4 million (£6.7 million) in revenue but posted a net loss.
