Press Announcement
The future of Phosyn, International Crop Nutrition Specialists, was recently secured after a £5m share acquisition deal. The Pockington, UK based firm, which formulates and manufactures agricultural nutrition products, has bought retiring co-founder John Tomkinson´s 48% stake in the £25m turnover company. The shares have been placed in an employee benefit trust.
Phosyn was founded more than 30 years ago, and now employs 113 staff in the UK, with an additional 44 in overeseas countries. Exports account for 87% of the firm´s turnover, with trade going to more than 50 countries worldwide. In 1997 it formed a strategic partnership with Norwegian multi-million energy and materials company Norsk Hydro ASA, which continues to hold a 35% stake in Phosyn.
Dr. Geoff Adams moves into the Chairman´s role and Bernard Jacklin FCA takes over as Managing Director. The other Director´s remain the same. Dr. Adams states,
"Along with the share acquisition, we have introduced a new structure to the company and a fresh outlook to the Board´s strategy, which will allow middle management to flourish in a new business environment. The new Board is quietly confident that the company will make positive progress over the next decade."
Author: Bernard Jacklin, UK
Published: August 2003