Assurances have been given that jobs at one of Milnrow's main employers will be retained following a £20m takeover by a Chinese company.
The sale of Holroyd's Precision also includes three other associated companies, namely Precision Components, PTG Advanced Developments and Milnrow Investments, to the Chongqing Machinery and Electric (CQME) company.
The sale, which is still subject to Chinese government approval, is likely to be decided in the next four to six weeks.
It was agreed by the Milnrow firm's parent company, the Leicester-based Precision Technologies Group.
The companies involved are primarily involved in making rotors and rotor cutting machines and the manufacture and refurbishment of lathes and other heavy machinery.
Huddersfield-based PTG Heavy Industries and German subsidiary PTG Deutcshland are also included in the deal.
PTG Milnrow director Don Whittle said: "The buyout is still dependent on Chinese government approval, but the future for the group is very solid with some minor expansion planned locally.
'We have a good order book in machine tools and components and the Chinese want to continue the investment in the business in the UK.
"At the same time, we have worked closely with all our 184 workers in Milnrow, because we see them as key to our success moving forward.
"The local firm will remain where it is and will keep the name of Holroyd Precision."
PTG, which has a turnover of £30m, employs a total of 245 staff nationally.
Mr Whittle added: "CQME's strategy is to establish a strong foothold in international markets.
'The combined group will continue to invest and develop the technology, intellectual property and know-how of the UK businesses and to create products to meet the market's requirement for high efficiency machine tools. "
CQME, which designs and manufactures commercial vehicle parts, machine tools and power machinery, is listed on the Hong Kong Stock Exchange after going public in 2008.
PTG said in a statement: "The directors are excited by the opportunities that this transaction provides and are confident that it will create a combined company with all the strength and advantages necessary to compete with the major machine tool and component manufacturers worldwide."
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Belrock, England (22/03/2010 at 15:26)
Please tell me where is the logic of sending jobs and technology abroad, buying from abroad thus reducing our manufacturing and exports. Then bringing in immigrants to fill jobs that soon will not exist and benefits system will eventually collapse.
sonofa tool (29/03/2010 at 20:14)
It's another invasion by stealth......
A nation can survive its fools, and even the ambitious. But it cannot survive treason from within. An enemy at the gates is less formidable, for he is known and carries his banner openly. But the traitor moves amongst those within the gate freely, his sly whispers rustling through all the alleys, heard in the very halls of government itself. For the traitor appears not a traitor; he speaks in accents familiar to his victims, and he wears their face and their arguments, he appeals to the baseness that lies deep in the hearts of all men. He rots the soul of a nation, he works secretly and unknown in the night to undermine the pillars of the city, he infects the body politic so that it can no longer resist. A murderer is less to fear. The traitor is the plague.
Marcus Tullius Cicero d. 44BC