Petlon Polymers, based in Gloucestershire, has been sold by its administrators to a waste management group, Visionscape, based in the United Arab Emirates.
Petlon Polymers is a compounder and polymer recovery company specialising in engineering thermoplastics. After a change in owners it went into administration by Duff and Phelps.
The new IRD installed at Petlon Polymers in Gloucestershire
Geoffrey Bouchier and Matthew Ingram, Managing Directors at Duff & Phelps, led the sale transaction from August 15 – Petlon is sold to Visionscape, saving the jobs of staff, based in Lydney, Gloucestershire.
Bouchier, Joint Administrator, 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.”
Harry Ackerman, Executive Director, Visionscape, said: “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.”