About 50 jobs at administration-hit engineering company Mivan in Northern Ireland are to be saved after its assets were bought by another firm.

Newry-based MJM Marine Group have taken over Mivan's factory in Co Antrim. MJM was established in 1983 by the McConville family and it specialises in the interior fit-outs of ferries, yachts and cruise ships - a key element of Mivan's business.

Mivan went into administration earlier this month and ceased trading with the loss of almost 250 jobs. The company found itself in financial trouble after making massive losses on projects in Romania.

The business had been restructured in 2012, but continued to face difficulties and late last year entered into talks about a possible takeover deal with Lagan Group Holdings.

Those discussions ended without agreement.

MJM said it intended to retain the Mivan name and run it as a separate entity to its own business.

"There are obvious synergies between the two operations which will allow us great efficiencies and economies of scale," commented Brian McConville, Chairman of MJM Group. 

"Initially we expect to create 40 to 50 jobs in Antrim from the existing local skilled workforce and we believe that, by implementing the efficient work practices that have underpinned our growth to date, we can drive the Mivan brand back to its former glory," he added.