SANTA FE, NM -- Compass Components will purchase Sparton Technology's Deming, NM, wire harness plant and certain inventory and equipment, and will begin to rehire laid off employees, according to Rick Homans, Cabinet Secretary for the New Mexico Economic Development Department. No financial terms were disclosed.

Compass, which makes cable, harness and electromechanical assemblies, began operations at the facility yesterday. The sale of the building should be finalized by June 29.

On Jan. 8, Sparton announced it would close the plant and lay off its 76 employees. Compass will initially hire up to 12 employees, and officials say they would like to ramp to 75 or more employees in one to two years.