A Chinese company is poised to become the new owner of Wescast Industries which has operations in Wingham.
The agreed purchase price is 79.6-million dollars.
As part of a memorandum of understanding surrounding the sale Sichuan Bohong Industry is paying Wescast two-million dollars up-front as a sign of good faith.
Wescast employs about two thousand people worldwide in the manufacture of cast exhaust manifolds for the automotive industry.
There are also plants in Stratford and Strathroy.
