MBO at Dyson
DYSON, the Yorkshire materials technology firm, has completed a management buyout of one of its subsidiaries.
Sheffield-based Dyson has sold the precision ceramics division of Dyson Industries, based in Dewsbury, West Yorkshire, to JEMMTEC for £100,000.
JEMMTEC is controlled by the existing and previous management of the precision ceramics business and will trade as Magma Ceramics.
Dyson has sold the subsidiary, which manufactures products used in the glass and metals industry, as part of its ongoing restructuring process.
The precision ceramics business had gross assets of £2.3m at September 30, 2008, its most recent available audited results, and made a profit of £53,000 in the six months to the same date.
The unaudited management accounts for the nine months to December 31, 2009 show a profit of £44,000 and gross assets of £1.8m.
Twenty-four employees will transfer to JEMMTEC, which has also agreed a two-year lease for the Dyson site in Dewsbury on a rent free basis for one year.
