US-based IEC Electronics Corporation has purchased selected assets of Ohshima Electronics, the privately-owned Japanese company which employs 100 people in Longford.

Ohshima manufactures circuit board assemblies in Longford. It also has a separate division in Dublin which employs 60 people which will continue to be operated by Ohshima.

IEC has purchased inventory and the lease on the plant will revert to it after the sale is closed at the end of August. A spokeswoman said yesterday IEC intends to continue to retain all employees at the Ohshima plant and hopes to recruit additional staff. Announcing the acquisition IEC chairman and chief executive, Mr Russell Stingel, said it would provide IEC with a base from which it could access the European market.

"Part of IEC's strategy is to extend our geographic reach and to expand our customer portfolio into new markets. Europe's importance as a market for both IEC as well as our customers makes this acquisition a significant step in accomplishing that strategy."