Scotland business

Clyde Blowers sells off division for £33m

Filtration plant
Image caption Clyde Process Solutions provides systems to move and process chemicals, metals and minerals

Part of the Clyde Blowers empire, AIM-listed Clyde Process Solutions (CPS), has agreed to a £33m takeover.

The offer from the German firm Schenck Process is for 82.5 pence-per-share - some 13.8% more than the firm was worth when shares closed on Tuesday night.

The CPS board is unanimously recommending the offer to shareholders, who will vote on the proposed deal.

CPS chairman Jim McColl said there were "clear benefits" for the company's shareholders, customers and employees.

Clyde Process Solutions is part of Jim McColl's business empire.

It is based in Doncaster and provides systems to move and process chemicals, metals and minerals.

Earlier this year Mr McColl criticised the low stock market value placed on CPS.

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