Olyslager, which is one of the world's largest data suppliers for the oil industry, has been acquired in a management buy-out by two of the company's director's.

EurotaxGlass's retains its subsidiary Eurotax Netherlands B.V.

"Olyslager is a fine business but active in a highly specialized field that is not at the core of our activities,” said Alastair MacLeod, EurotaxGlass's chief executive.

“The sale allows for maximum continuity for the business, its customers and its staff.”

Following the management buy-out, EurotaxGlass's said the two companies would continue to work closely together by using each others' information.