Web offset press manufacturer Goss International, parent company of Goss International France, made an offer on its own subsidiary in May this year after the French division fell into administration.

The €2.4m deal was accepted by the Commercial Court of Compiègne at a hearing on 26 July (Friday) after being postponed three times pending further negotiations.

Under the arrangement accepted last week, 123 jobs will remain across its sites in Montataire and Nantes, which are currently being run by a court-appointed administrator for a restructuring period of six months.

According to local media reports in France, around 50 positions will remain out of 110 at Goss’ design and development site in Nantes, while around 240 jobs will be shed from its French manufacturing headquarters in Montataire, leaving around 80.

A Goss International spokesman said: “We are aware of the court’s decision and are currently reviewing this. In the meantime, we continue to be in discussion with the administrators of Goss International France regarding our bid, and are working closely with them on this process.”

The arrangement is part of a wider restructuring being undertaken by the US-headquartered firm, with the intention of creating what it has termed “an organisational structure based around regional parts, service and support centres for customers” and a “unified, pan-continental sales and service organisation” in Europe.

It follows a similar restructuring in 2012 of Goss International’s operations in Asia, (where its owner, Shanghai Electric, is based), and will result in the group’s manufacturing operations being centred in China and the US.

The company has said the simplification and transformation of its structure is in response to a changing marketplace and that refocus on growth is critical for the future growth of the business.