Lianhetech buys UK chemical firm for $126 million

Major Chinese chemical company Lianhetech has bought UK-based chemical manufacturer Fine Industries in a 103 million pound ($126.5 million) deal, securing an operation with more than 200 jobs and providing Lianhetech with its first European base.

Shenzhen-listed Lianhetech snapped up Fine Industries, based near Middlesbrough, from private equity firm NorthEdge Capital.

Lianhetech is one of China's leading contract chemical manufacturers. It has a market value of $2 billion and operates seven chemical factories, two machinery plants and two research and development centers in the mainland.