Chemoxy International has recorded a boost in pre-tax profits of more than £7 million since it was acquired by Dow Chemicals in 2011.
The Teesside-based firm received support from the Business Growth Fund (BGF) as part of a £20m investment and has seen turnover rise to £50m as it plans to grow sales to £100m by the end of the decade.
Chemoxy’s finance director, Neil McLoughlin said that the success was down to activities in oil and gas, where exports markets remained healthy.
He commented: “Volumes have held up well but margins have been squeezed by a reduction in the price of oil which will impact in overall profitability.
“Nevertheless we expect 2015 to be another solid – but not a record – year.”
Last year the firm accounts revealed the firm recorded a rise in turnover of £3.3m from £45.4m to £48.7m.
In that same period pre-tax profits increased from £6.6m to £7.5.
The manufacturer has received a £20m finance package, which will see it increase capacity, product service and range, as well as bolster growth.
Half of the funds were provided by BGF and the other by the Royal Bank of Scotland.
So far the investment has been used to develop the Billingham site by 30%.
