£1bn takeover welcomed
TEESSIDE bosses at chemical company Lucite have welcomed the £1bn takeover of their business.
Phil Bailey, site director of Lucite International’s operations at Billingham and Newton Aycliffe, said the deal with Japanese chemical giant Mitsubishi Rayon - revealed in yesterday’s nebusiness - would drive the future of the firm.
“This is definitely a growth story,” he said. “In terms of someone taking the company over, Mitsubishi Rayon is a perfect fit.
“All of its assets are in Asia - where as most of Lucite’s operations are based in Europe and the US with some in Asia.
“This deal gives them a springboard into Europe and the US.”
Lucite employs about 280 staff on Teesside with a manufacturing base at its Cassel Works site in Billingham and a global research operation at the Wilton Centre. It also has a resins plant at Newton Aycliffe, employing 50-plus staff.
Cassel Works is the largest manufacturing base in the Lucite group producing methyl methacrylate (MMA) and methacrylic acid, used in acrylic products.
A new Alpha MMA manufacturing process, developed by the Wilton-based team, reduces production costs by around 40%.
The first Alpha plant has begun manufacture of MMA in Singapore in the last few days.
