A Teesside-based chemicals manufacturer has achieved “excellent results” during a period of ownership change, according to newly filed accounts, providing a solid footing for growth as the company’s Middlesbrough plant entered its 150th year in operation.
Chemoxy International, which is now part of French chemicals group Novacap, dates its history back to the establishment of the All Saints Refinery in 1886. Today, it operates sites in Middlesbrough and Billingham, providing contract manufacturing services and producing solvents used in paints and cleaning products.
Turnover jumped from £42m to £49m for the year ending 31 December 2017, an increase of 16 per cent. Pre-tax profit during the same period climbed from £5.5m to £7m.
In July 2017, Novacap completed a deal to acquire a majority stake in Chemoxy from the management team, which had been backed by investment organisation BGF.
In its strategic report, the company said the additional research and development resources and geographical reach provided by Novacap would “provide a platform to accelerate growth at the company”.
Chemoxy’s chief executive Ian Stark told Insider: “We are well-placed for continued growth as we add capacity to both of our manufacturing sites in Middlesbrough and Billingham and enter new markets; we are especially pleased with the growth of our cosmetics ingredients range and are investing in a major new facility for these products in 2019.
“Chemoxy is an advanced manufacturing business and is proud to be an exemplar of the benefits of apprenticeships; a high percentage of Chemoxy’s team are current or past apprentices, with several now in senior leadership roles.”