Coffs Harbour based manufacturing firm W.E. Smith has struck a deal with German engineering company Borsig, to secure financial support.
The agreement follows the appointment of administrators for W.E.Smith in May, when the company reported financial difficulties.
Administrator PPB Advisory says control of the company has been passed back to the Malaysian based KNM group.
A spokesperson says the business has retained all 100 employees and continues to operate with the support of customers and suppliers.
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