THE sale of a chemicals firm has been officially completed.

NorthEdge Capital says it has finalised a deal to offload Fine Industries, based in Seal Sands, near Billingham, to Lianhe Chemical Technology Company (Lianhetech).

The agreement was first announced in February, with the deal understood to be worth around £100m.

Fine Industries, which employs more than 200 staff, is known for making chemicals used in crop protection and the pharmaceutical sector and will become Lianhetech’s European base, allowing it to expand products and services.

NorthEdge originally invested in Fine Industries in late 2013, with officials at the time telling The Northern Echo they hoped the move would increase work and create new jobs.

Referring to the sale, Ray Stenton, NorthEdge partner and head of new business, said: “This deal represents a fantastic return on investment.

“It is also testament to the strong progress Fine Industries has made in the years since our investment that it has attracted interest from Lianhetech.”

Maggie Wang, Lianhetech board chairwoman and chief executive, added: “This provides the geographic presence, capability and expertise needed to develop new products and better use our technologies for customers around the world.

“Together we will strengthen our technical solutions and product offerings to our global customer base.”