Taranaki-based oil and gas engineering company Fitzroy Engineering has been sold to Malaysian-listed company Dialog Group Berhart for more than $20 million.
Fitzroy is one of the region's largest employers, with more than 400 staff.
Chairman Peter White-Robinson says all jobs are safe, and having the backing of such large international company opens the door for expansion throughout Asia, especially larger projects that that Fitzroy isn't able to fund at the moment.
He says the Malaysian company owns bulk storage terminals and is about to embark $NZ2 billion project, and has companies in Australia, Singapore, Saudi Arabia and Britain.
