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Auto parts company Ion sold for $48m
In southern New South Wales, an Albury car transmission company that went into voluntary administration last year has been sold for $48 million.

Ion Automotive has been bought by Powertrain Products International which is made up of interests in Australia and Japan, but is predominantly Australian-owned.

Powertrain spokesman Mike Jarvis says Ion's 750 staff will be offered continued employment at current terms and conditions.

"Current production levels will be maintained and then increased following the introduction of the new six-speed transmission which is due in September 2006," he said.

"That increase in production will be to support contracts that are anticipated for the new transmission and also for expanded markets in Asia for the existing four speed."

The Australian Manufacturing Workers Union has welcomed the sale.

The union's assistant federal secretary Dave Smith says the workers had faced an uncertain future.

"We're really pleased for the workers out there," he said.

"They've done it pretty tough for the last you know six or eight months.

"Its pretty hard for people who don't know what's going to happen to their future so yes, we're really happy for them."