Germany's Evonik Industries AG has sold its Seal Sands site and defined business to the management team at UK's Middlesbrough-based Evonik Degussa Seal Sands. Financial details of the deal are not disclosed. The Management Buy out Team has established the new company Fine Organics Limited and the total transfer of the site incorporates all assets, the employees and ongoing operations based at the Seal Sands site.
Fine Organics Ltd. will continue to manufacture products for the market and on behalf of Evonik Degussa GmbH on a custom manufacturing basis. The new setup will create additional value for the market by a clear focus of Fine Organics Ltd in UK and cost competitive manufacturing.