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HOME arrow Manufacturing arrow Yule Catto to sell subsidiary arrow Registration
Yule Catto to sell subsidiary
Written by News Desk   
Wednesday, 13 February 2008
Yule Catto, the Harlow-based speciality chemicals producer, is selling its chemical dyes subsidiary, James Robinson, to Vivimed Labs for up to $25.65 million (£13.2m).

Headquartered in West Yorkshire and with bases in Germany and India, James Robinson carries on the development, manufacture and supply of photographic and photochromic chemicals and hair and other dyes. Its sales for 2006 reached £17.8m with an operating profit of £0.82m.

Yule Catto, which supplies global customers with chemicals for use in a wide range of industries including pharmaceuticals, FMCG, paints and adhesives, says it will use the proceeds to reduce the firm’s borrowings.

The conditional contracts exchanged between Vivimed and Yule Catto are for a consideration of £10.9m plus working capital of approximately £2.3m.

The consideration to be paid is  £8.8m plus the working capital amount in cash at completion and a further £2.1m into escrow pending successful completion of certain product transfer arrangements.

The completion of the sale is conditional on, amongst other things, Vivimed obtaining shareholder approval for the acquisition which is expected to be obtained by mid-April.
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