Keighley-based Magnet Ltd is being sold to Europe's largest kitchen manufacturing group in a £134 million deal.

Enodis PLC is selling the whole Magnet Group, including its manufacturing sites in Keighley, Darlington, Penrith and Flint, to continental giant Nobia Nordisk Bygginterior AB.

The move comes during a period of strong growth for Magnet, which has seen sales increase by one third to £276 million and profits rise from £5 million to £27.1 million in recent years.

The company, which employs 581 workers in Keighley, is to retain its current management team and does not foresee any job losses as a result of the sale.

Managing director Gary Favell said: "This is good news for Magnet. Nobia is a highly successful, fast growing organisation which is focused on the products and the markets in which we operate.

"Joining the group will give Magnet the investment, support and commitment needed to continue to grow and develop as the leading brand in the UK."

Nobia is a private firm with headquarters in Stockholm, Sweden, and produces a wide range of kitchen furniture in Sweden, Norway, Denmark, Finland and Germany.

Employing some 4,300 people, its turnover last year was around £275 million.

The sale, which is subject to the approval of Enodis shareholders and to European Union competition clearance, is expected to be completed by the end of June.