A WORLD-RENOWNED Pocklington company which manufactures and markets crop nutrition products will be taken over by a giant Norwegian corporation for an undisclosed sum.
Phosyn Plc of Pocklington Industrial estate, which specialises in leaf nutrients sprayed on to growing crops, last year generated nearly £30 million turnover, mostly in exports. It will be taken over by Yara International ASA, the £4.1 billion turnover producer of ammonia, nitrates and fertilisers, which since 1977 has held 35 per cent of Phosyn's shares. It has the world's most extensive fertilizer marketing and sales operation.
Phosyn's 146 production and administrative staff, have already been told that their jobs are likely to be safe and that Phosyn's name will continue as a wholly-owned subsidiary of Yara.
Geoff Adams, chairman of Phosyn, which was started in Pocklington 39 years ago, said: "Yara is a perfect match for Phosyn, supporting our joint ambition to provide farmers with an unmatched plant nutrition service." He foresees Phosyn growing its business through an expanded distribution network.
Yara is the number one brand within the cash crop (fruit, flowers and vegetable) segment of speciality fertilizers, an area achieving double digit growth within three years. It employs more than 7,000 staff.
Phosyn Plc has two of its own laboratories on the Pocklington Industrial estate, constantly improving its sales of micronutrients through soil or tissue analysis. It exports to 55 countries.
Closing date for completion is expected sometime between next month and June, subject to approval by regulatory authorities.
Chris Merry, Phosyn Plc's marketing director, said: "There will be some duplication of jobs but there will also be plenty of room for staff to carry on. We are optimistic that nothing will change except that the business will grow - and growth is what we are literally all about."
Updated: 09:21 Monday, March 27, 2006
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article