Jobs have been secured at a Gloucestershire-headquartered specialist polymer manufacturer after it was acquired out of administration by a business based in the United Arab Emirates (UAE).
Petlon Polymers Ltd, founded in 1978, is a compounder and polymer recovery company specialising in engineering thermoplastics.
It has now been sold to Vision Petlon Polymers Ltd, a UAE-based subsidiary of Visionscape Group, after entering administration last month. The sale has saved the jobs of all staff based at its facility in Lydney.
Petlon had experienced working capital difficulties in the lead up to administration following a change of ownership structure.
Geoffrey Bouchier and Matthew Ingram, managing directors at Duff & Phelps, were appointed joint administrators on 15 August 2017.
Following their appointment, the joint administrators oversaw a four-week period of continued trading, at the same time as undertaking a marketing campaign with a view to sale.
Geoffrey Bouchier, joint administrator and managing director at Duff & Phelps, said: "We are pleased to announce the successful sale of the Petlon Polymers business to Visionscape, which has facilitated business continuity for its customer base and supply chain, and has preserved the jobs of its entire workforce.
The acquisition of the Petlon business is a complimentary addition to Visionscape's global waste management solution as we continue to seek innovative and environmentally effective solutions for our customers.
"We are delighted to have completed the transaction and look forward to working with the existing management team and the company's key stakeholders to take the business to new heights."