Evonik sells Seal Sands site to MBO team
8 Dec 2008
Essen, Germany - Evonik Industries AG of Essen has sold its Seal Sands operation to the management team at Evonik Degussa Seal Sands, Middlesbrough, UK. Terms of the deal are not being released.
The Management Buy out team has established the new company Fine Organics Ltd and is led by Keith Hanson, the current general manager of the site. The total transfer of the site incorporates all assets, the employees and ongoing operations based at the Seal Sands site.
Fine Organics will continue to manufacture products for the market and on behalf of Evonik Degussa GmbH on a custom manufacturing basis. This new setup will create additional value for the market by a clear focus of Fine Organics Ltd in UK and cost competitive manufacturing.
"Fine Organics Limited starts with a well experienced team. I¹m convinced the management buy out for Seal Sands is a good starting point for the success in the future," said Dr. Rudolf Hanko, head of Evonik´s Exclusive Synthesis & Amino Acids Business Line.
