A CHEMICALS firm is being sold to a Chinese operator in a deal understood to be worth around £100m.

NorthEdge Capital has agreed to offload Fine Industries, based in Seal Sands, near Billingham, to Lianhe Chemical Technology Company (Lianhetech).

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 first investment outside China.

Bosses say Fine Industries 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.

Ray Stenton, NorthEdge partner, said: “Fine Industries sells globally, is an exceptionally well invested asset and highly-trusted.

“These qualities, along with the strength of the management team, make this an ideal platform for Lianhetech’s European expansion.”

Chris Gowland, Fine Industries’ chief executive, added: “We feel privileged Lianhetech have selected our business to be the platform for their expansion.

“I expect the union to further strengthen our position in the global market.”

Fine Industries operates a number of divisions, including a research arm and an environmental business, which provides hazardous waste treatment services.