Pioneering biodiesel producer Argent Energy sold
23 July 2013
Argent Energy, a pioneer of massive commercial production of biodiesel in the UK, has actually been purchased by a green financial .
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 used cooking oil and tallow from the meat industry.
The company will remain in personal 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 company.
Souter Investments, the private investment firm of transportation tycoon Sir Brian Souter, verified it had actually sold its 37% stake in Argent.
'Future capacity'
Mr Walker stated the investment by John Swire highlighted Argent's strong market position, including there was now a chance "to take Argent's skills additional afield".
Barnaby Swire, of John Swire, said his company was committed to "checking out and buying innovative and practical green markets".
He added: "We are delighted to be getting Argent Energy, a business which our company believe can grow and succeed not only within the UK but likewise overseas, in particular in Asian markets with which Swire Group business are familiar.
"John Swire & Sons Ltd sees in Argent Energy's workers a mix of qualities and worths that work with our own, and look forward to working with them to maximise Argent Energy's future capacity."
Argent was developed in 2001. In 2009 it was bought by a consortium which consisted of senior management in addition to Souter Investments.
Its plant at Newarthill, near Motherwell, has the capacity to produce up to 50 million litres of biodiesel a year.
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Pioneering Biodiesel Producer Argent Energy Sold
Lucio Penson edited this page 2025-01-12 18:36:46 +08:00