Jobs saved after plastics manufacturer collapses

> FRP said operations at Formula's Newton Aycliffe facility will continue as normal

- TOM KEIGHLEY Business writer [e-mail]

JOBS have been saved by a rescue deal after well-established North East manufacturer Formula Plastics collapsed into administration.

Insolvency experts were appointed to the County Durham firm, which has made components used by major automotive brands such as Nissan and Honda, earlier this week.

And now joint administrators at FRP Advisory have brokered a deal with newly-established North West company, Formula Components Ltd, which is backed by investor Baaj Capital. The move has protected 34 jobs at Formula Plastics' Newton Aycliffe facility where it makes a range of plastic injection moulded components for car manufacturers, consumer goods brands, lighting brands and food packaging customers.