Manufacturing firm with global customers is sold
A LOCAL firm with a global customer base has been sold.
South coast business recovery firm Portland has completed the sale of Isle of Wight-based Solent Composite Systems Limited.
Customers for the company before its sale included BP, Harsco and Tota – and other clients in China, India and Brazil.
Portland had been marketing the firm’s sale since January in a bid to maximise the return for its creditors.
It eventually changed hands at the end of February.
Solent Composite Systems Limited had been designing and manufacturing turbine rotor blades and fire and blast protection for the oil and gas industry since 2004.
The company ran out of cash after a failed attempt to raise investment and an industry climate of falling oil prices.