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The new management team at the former BASF site at Cramlington has pledged that the company has a bright future after a management buyout.
In a multi million pound deal, the management team including Robert Hardy, Managing Director strengthened by the addition of new Sales and Marketing Director Charles Dods and Finance Director Adam Sims, has taken over the specialist pharmaceutical manufacturing business which has been renamed Aesica Pharmaceuticals Ltd.
The deal was funded by LDC, the private equity arm of Lloyds TSB Group, which has taken a significant majority stake in the business.
Barclays also provided term debt and working capital facilities.
PricewaterhouseCoopers in Newcastle acted as primary adviser to the management team. Paul Mankin, director of corporate finance at PricewaterhouseCoopers in Newcastle, said; "After a long, and at times challenging, cross border process, the successful completion of the transaction means that Aesica is now ideally positioned to exploit market opportunities and significantly develop the business."
Over 140 staff are employed at the site and the new management team has promised that all jobs are secure following the change in ownership.
Aesica Pharmaceuticals Ltd, which exports its products to pharmaceutical manufacturers based in all the major markets in the world, has also committed to a programme of future investment.
Robert Hardy, Managing Director states: "This is a great opportunity to build a global pharmaceutical company with roots in the North East of England. Aesica is founded on the strong foundations of over 30 years of pharmaceutical manufacturing expertise and will continue to grow with continuing support from our committed workforce".
Aesica Pharmaceuticals Ltd, which derives its name from one of the Roman forts at Chesters on Hadrian's Wall, has been established at Cramlington since 1982.
The site has recently seen significant investment including a new technical centre and expansion of existing manufacturing facilities. Aesica Pharmaceuticals Ltd will continue this investment with further expansion of the site's production facility.
Tom Brown, chairman said: "As our new name implies we are a company that is proud of its heritage and committed to the region. This is a significant milestone for our operation here in Cramlington and our vision is to be a fully integrated pharmaceutical company based in the North East of England. Our vision demonstrates our commitment to Cramlington."
Craig Wilkinson, Investment Director at LDC, said: "Aesica is a well invested business that boasts plenty of growth potential within its existing product portfolio.
"We are backing a strong management team with an excellent knowledge of the business and its markets. The buyout gives Aesica the flexibility required to make the most of the opportunities that lie ahead and the firm will continue to receive our support as it looks to expand further."
Alan Clarke, One North East Chief Executive, said: "The management buyout at the plant has safeguarded valuable, skilled jobs for south-east Northumberland and the North East as a whole. Retaining such skilled workers, chemists and engineers at the Cramlington plant is a massive boost and contributes to the North East's drive to create a knowledge-based economy.
"One North East is delighted to have been able to support this good news story with a Regional Selective Assistance grant and we look forward to the new company going from strength to strength."
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