SUCCESSFUL Ilminster firm Gooch and Housego has announced their take over of a market leader for a massive £5million.

The specialist manufacturer of optical components and systems bought 100% of the issued share capital of SIFAM Fibre Optics Ltd.

SIFAM is the global technology leader in fused fibre technology, with principal markets including telecommunications, biomedical, industrial and aerospace and defence.

The new addition to the company is based in Torquay in Devon employing 93 people.

Gareth Jones, chief executive of Gooch and Housego, said: "SIFAM has an experienced management team, a capable workforce and a world-class product range.

"The fit with Gooch & Housego in terms of products, technologies and markets is excellent."

It is hoped the addition will allow the company to extend their product range and develop as a leading supplier.

"In SIFAM we have not just acquired a capability in this field; we immediately become a world leader in several key aspects of the technology.

"SIFAM is a key supplier to all of the world's leading fibre laser manufacturers, and I would expect further products to result from a programme of joint development with Gooch & Housego."

The Ilminster firm is also in the final stages of work towards its new premises at the former Clarks Factory at Dowlish Ford.

Gooch and Housego unveiled £4million plans for the former shoe factory in November 2005 after outgrowing its current base in the centre of Ilminster.

After much work to transform the site, it is hoped the new premises will be in action before Christmas.

A representative from the firm said: "The work is pushing forwards.

"The foundations are being put in for the final building and it is hoped we will be able to move in before the end of the year."