Over 200 Irvine jobs have been saved after a Russian-owned chemical plant was bought over for an undisclosed amount.
Barony Universal Products Plc, based in the town's Riverside Business Park, has been bought out of a Russian company's control by C.A.L.M Singularity, a Cyprus-based firm, on Friday.
The household product manufacturer that has been in the town since 2011 was previously owned by the Russian parent group The Arnest Group and boasts 250 jobs.
The news comes after Andrei Borshcev, Sergei Popov, Alexandre Matytsine and Victor Lobashkov resigned from their posts as company directors last week.
Since Russia's invasion of Ukraine, the Scottish Government has asked the business community to stop trade with any Russian-owned companies.
Now Camille Z. Chammas will head up operations as chairman of Barony Universal Products Plc and the plant will continue trading as normal.
Mr Chammas said: “Barony is a long-established Scottish-based business with a proud history of supplying the British retail sector and multi-national clients for over 20 years. I’m excited to have led this acquisition and to further grow the business while securing even more employment in the local area.”
Steven Groden, managing director of Barony Universal Products Plc, added: “Our new ownership with Camille at the helm signals a bright new beginning for us. His decades of experience working within the FMCG industry will help us continue on our sustainable growth trajectory, not only safeguarding, but growing the loyal workforce we employ here in Irvine, North Ayrshire.”
A Scottish Government spokesperson added: “The Scottish business community has been asked to stop trading with Russia where it is safe to do so.
“The Scottish Government and its economic agencies will use all available powers to avoid supporting trade and investment activity with Russia. Support and advice will be offered to businesses as they adapt to removing links with Russia.
“The UK Economic Crime Bill will make legitimate business more transparent – so it is harder for those who have gained wealth unlawfully or illegitimately to make use of that wealth in Scotland or the UK. This will ensure companies in Scotland operate in a fair and open commercial environment.”
Barony Universal Products Plc's website is now back online.
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