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Viasystems has sold its Ballynahinch electronics factory in County Down to a management buy-out, securing the future of 65 jobs.

Circatex, a management buy-out team, has bought the Viasystems printed circuit board plant in South Shields out of receivership for undisclosed terms, saving more than 800 jobs.

Viasystems of the US has acquired Interconnection Systems, the Tyneside-based PCB producer, for undisclosed terms, and has set up a European HQ in London as it attempts to become the world's biggest producer.