Unions welcome Grangemouth chemicals firm sale
About 200 jobs will be secured at Grangemouth-based chemicals producer KemFine UK, following its sale to a Germany company.
KemFine, which makes chemicals for the agrochemical and pharmaceutical industries, is being bought by Munich-based industrial holding Aurelius.
Kemfine's owners, private equity firm 3i Group, started looking for buyers at the beginning of this year.
The purchase price and terms of the agreement have not been disclosed.
The acquisition is expected to complete in the coming months. In 2009, KemFine recorded annual sales of £41m.
Pat Rafferty from the Unite union said: "We certainly welcome the sale - this will secure the 200 jobs on the site and take the company out of the ownership of the venture capitalist 3i Group. We look forward to constructive relations with the new owners."
Steve Coombe, chief operating officer of KemFine UK, commented: "Aurelius AG is a well-regarded industrial holding company that has demonstrated a long-term commitment to past acquisitions and has extensive experience of buying companies with potential for development.
"We are confident that Aurelius AG is best placed to help us grow the business and look forward to working together in the future."