Lancashire boiler manufacturer Baxi has agreed a £1.4bn merger with a rival Dutch company.
The group, which employs 600 people at its manufacturing site in Club Street, Bamber Bridge, has merged with the De Dietrich Remeha Group, subject to approval from creditors.
It is hoped that the merger will help Baxi repay a debt which stood at around £630m at the end of last year.
The new group is expected to have a turnover of £1.5m and employ around 6,400 staff making it the third biggest boiler maker in Europe after German businesses Vaillant and Robert Bosch.
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