Dyson Group completes sale of US subsidiary

The Sheffield-based materials technology company said that its subsidiary Millennium Materials Inc, based in Knoxville, Tennessee, had exchanged contracts with Millennitek and completed the sale of its B4C pellet production business.

The business provides services, equipment and advanced materials to nuclear and industrial customers.

Millennitek is controlled in part by the existing management of the B4C business. The transaction was completed on Friday.

In a statement the company said: "As a result of the transaction all 14 employees employment with MMI will terminate but it is expected Millennitek will immediately recruit 12 of the same employees."

Dyson Group also plans to cease production of artificial coals and log at Dyson Ceramic Products based in Tianjin China.

Dyson Group said that an application will be made to liquidate the company, which it is anticipated will be done on a solvent basis.

Last week, Dyson Group confirmed plans to delist from the stock market and hand control to its banks, which it hopes will secure its future.

After more than a year of negotiations with its banks, the 200-year-old company said the complex proposals offer it a vital lifeline.