The Samsung plant is due to close in April

In January, the South Korean company announced it was closing its factory at Wynyard, near Billingham, in April with the loss of more than 400 jobs.

The site has been sold to Wynyard Limited, led by managing director Chris Musgrave, who heads the Billingham-based JCM group.

The company intends to attract other companies to the site.

Mr Musgrave said he would not put a figure on how many jobs he hoped would be created at the Wynyard site.

He said: "I would rather be judged in two years' time for how many jobs have been delivered on this site rather than give a crazy number now and then not be able to deliver it.

"What I can say is that we are going to do everything in our power to turn this into a business park which will be of national significance for a location for blue chip companies and hopefully create a lot of sustainable jobs in the North East."

Mr Musgrave hopes to attract other companies to the site

Since Samsung announced the closure of the factory, which produces microwaves and computer monitors, staff who are losing their jobs have been offered help to find work.

A group of public sector agencies came together to set up the Samsung Project Group.

The group is now talking to Wynyard Limited about its plans for the site.

Group chairman and chief executive of Stockton Borough Council, George Garlick said: "We are keen to see a masterplan approach for the whole site.

"We are committed to working with developers to ensure any scheme for the Samsung buildings and land brings the maximum benefits to the surrounding area and North East as a whole in terms of job creation and quality development."