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SP Systems, the supplier of composite materials to the marine, wind energy and automotive markets, has been sold by Zoltek of the US to a management buy-out for £50m.
SP Systems, the Isle of Wight-based manufacturer of composite materials, has been acquired by Zoltek of the US.
SP Systems is to create a further 40 jobs at its Isle of Wight base, having won a £100m contract to supplying composite materials to a Spanish wind turbine producer.
SP Systems has won approval from the Isle of Wight Council to double the size of its manufacturing facility in Newport, with the creation of up to 100 jobs.