BUSHNELL, Ill. (WGEM) - After months of uncertainty, and a potential closure looming, over 120 employees at Vaughan & Bushnell Manufacturing Co. can rest easy.

Representatives from a company called Marshalltown, based in Iowa, were at the plant Wednesday morning to tell the entire staff that they officially acquired the business on Tuesday.

Marshalltown signed a letter of intent to acquire Vaughan & Bushnell last month but backed out of the deal. An official closure was never announced by Vaughan & Bushnell or the city of Bushnell.

Carter said the plant will retain the Vaughan & Bushnell name and all employees are already on Marshalltown’s payroll. Before this acquisition, Marshalltown employed roughly 600 people and has been around for 134 years.