Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

ICI sells Teesside site to former employees

Neil Thapar,Chief City Reporter
Friday 15 October 1993 23:02 BST
Comments

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

THE CHEMICALS giant ICI has sold a surplus plant at its Billingham complex on Teesside to two former employees for an undisclosed sum.

The move is expected to create 30 jobs and represents the first breakthrough by the company in attracting new investment to a business park created on several hundred acres of unused space at the Billingham site.

The park, launched two years ago, is believed to be the first of its kind in the world and offers ready- made sites for chemicals manufacturers.

ICI's surplus plant has been acquired by Ian Alexander and Stephen Cash through a new company, Cleveland Chemicals. The deal includes production facilities, and other assets will be used to manufacture fine and speciality chemicals used in consumer products.

ICI said the deal represented less than 1 per cent of its net assets. Industry experts believe it is worth about pounds 10m.

Earlier this week, the group boosted its interests in South Africa by taking majority control of a local explosives business. The move involves an asset swap resulting in ICI taking a 51 per cent interest in AECI Explosives. The remaining share will be owned by a subsidiary of Anglo American, the South African group.

ICI shares closed 11p higher at 730p yesterday.

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in