Pioneering biodiesel manufacturer Argent Energy offered
23 July 2013
Argent Energy, a leader of large-scale industrial production of biodiesel in the UK, has been purchased by a green investment business.
Argent, based near Motherwell, was sold to a subsidiary of London-based John Swire & Sons for an undisclosed amount.
Argent makes green road fuel by recycling wastes and residues such as utilized cooking oil and tallow from the meat industry.
The company will remain in private ownership and will continue to run separately.
Its senior management, consisting of chairman Andy Hunter, managing director Jim Walker and monetary director Jim Boyd are to stay with the business.
Souter Investments, the personal investment firm of transportation magnate Sir Brian Souter, verified it had actually offered its 37% stake in Argent.
'Future capacity'
Mr Walker stated the investment by John Swire underlined Argent's strong market position, adding there was now an opportunity "to take Argent's skills additional afield".
Swire, of John Swire, stated his business was dedicated to "exploring and purchasing ingenious and practical green industries".
He included: "We are delighted to be obtaining Argent Energy, a company which we think can grow and flourish not only within the UK but likewise overseas, in specific in Asian markets with which Swire Group business are familiar.
"John Swire & Sons Ltd sees in Argent Energy's workers a mix of characteristics and values that work with our own, and anticipate dealing with them to maximise Argent Energy's future capacity."
Argent was developed in 2001. In 2009 it was bought by a consortium which included senior management in addition to Souter Investments.
Its plant at Newarthill, near Motherwell, has the capability to produce up to 50 million litres of biodiesel a year.
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Pioneering Biodiesel Producer Argent Energy Sold
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