Former workers at the plant are still fighting for compensation
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Developers are hoping to transform the site of one of the longest-running industrial disputes in Wales.
Cardiff-based Bluefield Land says it controls the site of the former Friction Dynamics plant near Caernarfon, with an option to buy it.
The company specialises in the clean-up and development of brownfield sites.
Local AM Alun Ffred Jones said the plans included an element of housing, despite the site on the Menai Strait not being earmarked for homes.
"We are looking at a wide range of non-industrial options for the site at this stage in consultation with the local community," said Bluebell land and planning director Gary Goodman.
"We are aware of the history of the site and the issues surrounding it, but we have no connection with that past and aim to bring significant benefits to Caernarfon and Gwynedd in the future, including creating new jobs."
'Business development favoured'
Mr Jones, who has met the company, said all its proposals contained some element of housing, despite the fact that the 39-acre site was not earmarked for housing in the local authority unitary plan.
Mr Jones said he welcomed the interest but added: "There are difficulties with some of the proposals they have put forward, but they need to be taken seriously."
Mr Jones said he favoured the site being used for business development, but the company had told him some element of housing would be necessary to make the project viable.
Former workers of the Friction Dynamics plant - who an industrial tribunal ruled were unfairly dismissed by the company's American owner Craig Smith - are still battling for compensation.
Friction Dynamics later went into administration, but the site is still owned by Ferotech Realty, another company owned by members of Mr Smith's family.