The new owners are optimistic about the future

Rigcycle bought the former Alfred McAlpine Welsh Slate businesses for �31m on 24 December last year.

The 220 workers at Bethesda, Blaenau Ffestiniog and the Nantlle Valley have been told their jobs are safe.

McAlpine had uncovered what it described as "clear and systematic fraud" in the business in 2007.

Managing director of the Gwynedd quarries, Alan Smith, said the company was temporarily trading as Rigcycle, but the name would soon be changed to Welsh Slate.

'Good news'

"I'm very optimistic for the future and delighted with how the workforce has knuckled down and worked over the past months.

"Fundamentally this is a good business and I expect that there will be a profit in 2008," he added.

Paddy McNaught, the Transport and General workers union official in Gwynedd welcomed the news that everybody currently employed was being kept on under the same terms and conditions by the new company.

"It is good news as it secures the business for the area," he said.