Synthomer today announces an agreement to divest William Blythe Limited, its inorganic chemistry business, to its management team alongside H2 Equity Partners, for consideration of £30 million.

Founded in 1845, William Blythe has pioneered the development and use of inorganic derivatives of elements such as tin, iodine, copper, zinc and tungsten for demanding applications in markets including life sciences, performance coatings, polymers, electronics, catalysts and renewable energy for 180 years.

The business has approximately 85 employees based at its UK manufacturing site in Accrington, Lancashire. William Blythe is part of Synthomer's Health & Protection and Performance Materials division and was designated as non-core to the Group as part of the strategic review announced in October 2022.

Michael Willome, CEO, Synthomer, said: "Today's announcement recognises William Blythe's unique attributes and strong performance over many years as part of Synthomer. At the same time, the business has limited synergies with the rest of the Group and its divestment will further reduce the complexity of our site portfolio and enhance our focus on higher value, higher growth speciality chemicals markets where we have strong and sustainable leadership positions. With the divestment to the ambitious management team backed by H2 Equity Partners, I am confident this is a win-win transaction for all involved and wish all our William Blythe colleagues well for the next exciting chapter in its long history."

In FY 2024, William Blythe generated sales of £54 million and stand-alone adjusted EBITDA of £4 million. The transaction is conditional on certain customary closing conditions, is expected to complete at the end of May 2025, and the net proceeds will be used to reduce Group net debt.