A manufacturing firm employing 170 people has been sold in a £12 million deal.

Cold Drawn Products, which has premises in Low Moor and Scholes, has been taken over by internationally renowned Belgian firm Bekaert.

Cold Drawn Products (CDP), which employs 170 people in the area, makes specialised high carbon steel wire, exporting all over the world, including Poland, China, South Africa, USA and Brazil. Today the firm's managing director Nigel Lane said the take-over would not affect any of CDP's customers or staff and it was business as usual at both sites.

Mr Lane said: "The deal has been in the pipeline for six months. They approached us as we compete in certain areas and they found us attractive. A deal was agreed and we think it was a fair offer."

The clinching factor was CDP's recent inroads into the South American market.

"We are a family-owned Yorkshire business and could not export to South America on our own. Therefore we decided to become part of a group."

No changes are to be made to the staffing structure at CDP and no jobs are to be cut.

"We have several very important European customers and they will continue to be served," Mr Lane said.

Mr Lane has been with the firm for 25 years. His brother Ian, is operations director.

The shaped steel wire the company produces is used for reinforcing flexible pipes and for offshore oil extraction. The high carbon steel wiring is also used in engine and machinery components.

CDP turns over £17 million annually and realises annual sales of £19 million, 60 per cent of which comes from exports.

Bekaert has its headquarters in Belgium but has offices in 120 countries, employing 16,400 people worldwide.

In a statement, the firm said: "With this acquisition, Bekaert wants to further strengthen its worldwide market leadership in these high-technological niche products."