Penman Engineering firm in Dumfries is now employing 50 staff, after being saved from closure last month.
The new owners say most of the workers are former employees who were made redundant after the firm went into administration.
The company says it hopes to increase the workforce to 140 by summer 2017.
Administrators have confirmed that 60 staff members have been made redundant at Penman Engineering Ltd in Dumfries.
15 jobs currently remain at the firm.
The company went into administration on 31 August 2016.
Penman had been in business since 1859 and employed around 140 people.
The administrators, Armstrong Watson, released this statement:
Politicians and a trade union have pledged to try and save a Dumfries firm which specialises in armoured vehicles.
Penman Engineering, which has 140 staff, went into administration on Wednesday.
The union, Unite, is due to visit the firm later today but in a statement said it would work hard to protect jobs.
Politicians from across the board have voiced concerns and yesterday Dumfries and Galloway MP Richard Arkless held meetings with staff and administrators and said the mood was 'positive' about the prospects of finding a buyer.
Unite the Union says it will work hard to protect the jobs of it's members at Penman Engineering in Dumfries.
Penman Engineering announced that administrators for the company had been appointed yesterday.
The company, which employs 140 people and specialises in bespoke vehicle design and construction, blamed a delay in the arrival of a major contract.