News releases
8 December 2004 – Leading UK
manufacturer buys BIP (Oldbury) Limited
West Midlands chemicals and plastics firm BIP (Oldbury) Limited,
which went into administration last month (November),
has been bought by the UK’s leading formaldehyde
producer.
Synthite Limited purchased the business and assets
of the West Brom company for an undisclosed sum on
Monday November 29. Sold as a going concern, BIP’s
operations and production have continued as normal.
Synthite, based in Mold, North Wales, is a wholly
owned subsidiary of the chemicals distributor Tennant
Group, which has an annual turnover of £170m.
BIP, which employs more than 170 people at its plant
in Oldbury, is a manufacturer of speciality chemicals
based primarily on amino resins and derivative technology.
This includes new products such as Biodiesel, a fuel
made from recycled vegetable oils.
The company will retain its famous name, and will
be called BIP (Oldbury) Limited.
Synthite managing director Kevin Jones said: "We
want to keep the name BIP because the company has a
range of products known throughout the world, and has
an excellent reputation. The company has a skilled
and loyal workforce and despite having new owners it
will be business as usual. I am looking forward to
working with the management team and the employees
in re-establishing a successful and profitable company."
Mark Orton, the joint administrator from KPMG in Birmingham,
said: “We are pleased to confirm that the sale
of the business was completed yesterday (Monday 29th
November 2004). We believe that this deal is excellent
news for the company’s creditors, customers and
employees.”
Synthite has been established for more than 80 years
and in the last decade has invested more than £10m
into its plant in Mold, where it employs 70 people.
Synthite is an important supplier of Paraform and solution
grades of formaldehyde. The site also produces bulk
organic acid blends and manufacture of a wide range
of chemical intermediates.
BIP has suffered losses over the last two or three
years and has been unable to complete a restructuring
of its operations.
It was the first company to patent urea-formaldehyde
resins in 1924, and produced the world’s first
white commercial moulding powder in 1926.
Since then BIP has developed into a leading technology
innovator, delivering moulding materials, textile and
paper chemicals. |