A BUSINESS is looking forward to new growth after a management buyout.
Chemoxy International, the custom processing arm of Dow Chemical has been taken over in a management buyout.
The deal led by Ian Stark and Martyn Bainbridge was successfully completed on Saturday, December 31.
The management buyout sees them take over facilities at Billingham and Middlesbrough which employ a total of 80 people.
Chemoxy International is one of Europe’s largest providers of custom manufacturing services to blue chip petrochemical and speciality chemical companies.
The company also makes environmentally friendly solvents which are used in paint and cleaning products.
Mr Stark said: “This is a business with a fantastic team of employees and we look forward to continuing to deliver exceptional service to our customers under the new ownership.”
Mr Bainbridge added: “With more than 50 years of combined experience in operating this custom processing business, we look forward to a great new chapter as an independent company, committed to the long-term success of our valued partners.”