Biodiesel firm sold to conglomerate
24 Jul 2013
Scottish biodiesel producer Argent Energy was yesterday sold to a UK subsidiary of the global group Swire.
John Swire & Sons (Green Investments) acquired Argent Energy for an undisclosed fee, believed to be around £80 million.
Argent Energy pioneered large-scale commercial biodiesel production in the UK when it started production at its plant near Motherwell in 2005.
The firm makes its road fuel by recycling wastes and residues from other industries, including used cooking oil from the food industry, tallow from the meat industry, and sewer grease.
We believe Argent Energy can grow and prosper in the Asian markets with which Swire Group companies are familiar
John Swire & Sons director Barnaby Swire
Swire’s businesses are predominantly based in the Asian markets and Argent Energy chairman Andy Hunter said he hoped the acquisition would fuel global growth for his company.
“We are delighted and excited at the prospect of harnessing Swire’s global reach to produce sustainable biodiesel in other countries,” said Walker.
John Swire & Sons director Barnaby Swire added: “John Swire & Sons is committed to exploring and investing in innovative and viable ‘green’ industries. We are delighted to be acquiring Argent Energy, a company which we believe can grow and prosper not only within the UK but also overseas, in particular in Asian markets with which Swire Group companies are familiar.”
Argent Energy, which employs 70 people, will continue to operate independently following the acquisition.
