Cosi bought the manufacturing site from Revlon in 2001

The Creative Outsourcing Solutions International (Cosi) plant at Maesteg near Bridgend has been sold to the Dutch firm, Budelpack.

Last month workers at the factory feared they would lose their jobs after Cosi announced it was "fighting for its survival".

Budelpack said the sale will strengthen its place in the personal care market.

KPMG were taken on as joint administrators to Cosi and secured the sale of its Maesteg plant although a buyer for its other factory in Littlehampton, West Sussex which employs 160 people has not been found.

We are pleased... particularly as this area of south Wales has suffered due to the announcement of job losses at other businesses recently Joff Pope, KPMG

The £70m turnover company, which manufactures make up and personal care products, sold the Maesteg plant to Budelpack.

The new owners are described as a "leading European provider of contract manufacturing, contract packing and supply chain services to the consumer goods market".

The sale has safeguarded 560 jobs at site.

Joint administrator, Joff Pope of KPMG, said: "We are pleased to have achieved a sale of the Maesteg-based part of the business, particularly as this area of south Wales has suffered due to the announcement of job losses at other businesses recently."

Chris Moerkerken, chief executive of Budelpack International said the acquisition was "strategically interesting" as it would "enhance our product and service portfolio, strengthen our position in the personal care market, and add new strategic relations."

Cosi had previously been owned by cosmetic giant Revlon.

This is very good news indeed, it's news the workers deserve Local government consultant Jeff Jones

Last January, Cosi, which makes beauty products on contract for companies including Unilever and Body Shop, announced expansion plans to take on 300 workers over three years.

But in October nearly 100 job losses were announced, and the contracts for another 150 people were not renewed.

At the time, Cosi said it was under threat following the loss of an order and nearly 600 people working at the Maesteg site faced losing their jobs.

Local government consultant Jeff Jones said the closure of the factory would have been a "major disaster" for Maesteg.

Mr Jones said the whole town was breathing a "sigh of relief" at the news the jobs had been saved.

He said: "Lots of young people work in the factory, and obviously they've got mortgages and coming up to Christmas, to actually feel that you're going to lose your job wasn't a very pleasant experience.

"This is very good news indeed, it's news the workers deserve."