A RUSSIAN billionaire's company has bought an Elland firm.
Wire-makers Carrington Wire, which employs 100 people at the town's Lowfields Business Park, has been sold to Severstal-metiz.
The buyer is Russia's largest maker and exporter of wire and is owned by 40-year-old Alexei Mordashov, who has a personal fortune of $7.6bn.
Carrington Wire has other sites in Cardiff and Liverpool. Its total workforce is 325.
The business was sold for an undisclosed sum by investment group Acertic Holdings.
John Sword, Acertic's chief executive officer, said: "Severstal is a natural home for Carrington, which will benefit from being attached to a major international steel producer.
"The management and employees of Carrington have worked hard to achieve its leading market position in the UK and an emerging position in Europe."
The new bosses have pledged business as usual at Elland.
Carrington accounts for 30% of the UK's wire and wire products market, with customers in more than 50 countries.
UPDATE 19/11/15: 500 pension fund members left with nothing after Carrington Wire director lost £26m
Olga Naumova, general director of Severstal-metiz, said: "The support of one of the biggest steel producers in the world will strengthen Carrington Wire's position and help to give an added value to European customers.
"Since Carrington Wire is now part of a major force in world steel making, it has the strength, stability and access to raw materials, research and development and new product opportunities, as well as expertise in steel."
