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For the past 16 years, Hoover, which is now owned by the Chinese multinational Haier, has used the factory as a distribution base but announced last year it was closing down, with the loss of the remaining 45 jobs.
The new deal will result in the demolition of what is one of the last remaining post-war legacy factories left in the south Wales valleys.
The civil engineering company Walters Group has agreed to buy the factory subject to the approval of planning permission later this year, which is expected as the site has already been earmarked for housing.
It plans to start demolition next year with the aim of selling the site on for the construction of more than 400 homes by the end of 2026.