As reported by the BBC News, the pharmaceutical company, Bakhu Pharma have acquired the chemical plant, Phoenix Chemicals in a deal which could create 50 jobs within 12 months.
Bakhu Pharma is the third owners of the plant in three years and speaking of the deal, their chief executive stated,
“This was a last-minute rescue plan that was put together very quickly,” said Mr Leece.
“Annan was about to be decommissioned but thanks to a huge effort by a few people, we have rescued the business from the ashes.”
The Merseyside-based Phoenix Chemicals originally bought the plant with the help of a grant from the Scottish government of £400,000. However, the company went into administration in January 2011.
