The structure was discovered as part of the Environment Agency's flood alleviation scheme, which is being constructed by civil engineering contractor VolkerStevin.
Through consultation it was decided that the mechanical structure would be removed and reconstructed as a local heritage feature located between Oak Street and Bar Street, just off the A6033, south of Todmorden.
During this process the structure will be taken away by VolkerStevin to be cleaned, repainted and spot welded to ensure there are no health and safety issues from old moving parts and will then be rebuilt on its original supporting stones this spring.
Donald Murray, VolkerStevin contracts manager for the Todmorden Flood Alleviation Scheme, said: "We are delighted to be carrying out this additional community project to retain a piece of the town's industrial heritage, which would otherwise have been lost. As part of all our schemes we try to ensure that we have a positive impact on the community we are working within and this provides us with the perfect opportunity to work with the local community in Todmorden.
"We expect to start dismantling the structure in March and hope to have it restored on its new site in May."
Will Benedikz, Environment Agency project manager, said: "This will be an interesting feature which will be easily visible to visitors entering Todmorden from the Walsden direction. Our environmental assessment team have worked hard to design a scheme to re-locate these ironworks and we look forward to seeing them in their new location."
Todmorden Civic Society chairman, Paul Clarke, has welcomed the plan and will provide an information board at the new site to explain the history of the Todmorden weir.
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