Ion Automotive, an Albury, southern New South Wales, car transmission company that went into voluntary administration last year, has been sold for $A48 million according to the ABCNews.com website.

The report said that Ion has been bought by Powertrain Products International which is made up of interests in Australia and Japan, but is predominantly Australian-owned.

Powertrain spokesman Mike Jarvis reportedly said Ion's 750 staff would be offered continued employment at current terms and conditions.

"Current production levels will be maintained and then increased following the introduction of the new six-speed transmission which is due in September 2006," he said, according to ABC News. "That increase in production will be to support contracts that are anticipated for the new transmission and also for expanded markets in Asia for the existing four speed."