EAST Lancashire aerospace giant Euravia has been sold to a Canadian firm in a deal worth up to £30 million.

The company, which employs 65 people at its Pendle headquarters, has been acquired by Magellan Aerospace Corporation.

Euravia founder Dennis Mendoros, a former high sheriff of Lancashire, said the agreement would give job security to staff in Kelbrook.

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Mr Mendoros, who was chairman of Regenerate Pennine Lancashire until last year, will take on a new role as the company’s president.

He said: “The acquisition by Magellan leads Euravia to the next development level, opening potential new business opportunities in North America and enabling us to offer enhanced customer support and dedicated aftersales service .”

Euravia started life in Altrincham in January 1988 before moving to its base at Colne Road in Kelbrook.

The business provides maintenance, repair and overhaul (MRO) solutions for a wide range of aircraft and helicopter gas turbine engines.

Mr Mendoros, originally from Greece and raised in Sudan, was awarded an OBE in 2001 for services to industry.

After completing his degree in Britain, he moved back to Greece to join the national air force, before taking a job as an engineer at the Greek arm of US firm General Electric in 1979.

He told the Lancashire Telegraph: “I have had offers to sell Euravia in the past but I have made the decision to sell to Magellan, I believe it is a fantastic business that allows the company an opportunity to grow.

“It will now be complemented by impressive sister companies in the USA, Canada, India and Poland.

“This deal is great news for the staff and great news for the industry.”

Euravia has more than 150 civil and defence customers in 50 different countries.

Magellan, one of the world’s most integrated aerospace industry suppliers, is listed on the Toronto Stock Exchange and engineers and manufactures aeroengine and aerostructure assemblies and components.

Its president and chief executive officer, Phillip Underwood said: “The acquisition of Euravia complements Magellan’s existing repair and overhaul capability in North America.

“Euravia has an excellent reputation for providing high quality MRO capabilities, supporting a global customer base.”