ICI sell off - is Runcorn next?

The company has clinched a £1.8 billion deal with the American giant DuPont to sell off a large slice of its industrial chemicals, mostly in the North East.

Analysts say the move away from bulk chemicals marks one of the most significant shake-ups in ICI's history.

Anxious workers fear the Runcorn site - where more than 3,500 people are employed - could be the next part to be sold off as ICI streamlines towards speciality chemicals.

Union leaders have called for emergency talks - to be held in London on Monday.

ICI GMB regional organiser Glyn Thornton said: "We've called for an urgent meeting at national level. The local workforce is worried.

"The message we will be giving to ICI in no uncertain terms is that they have a debt, not just to their local employees but also to the local community and we expect them to honour that debt.

"This is where the chemical industry started. ICI can't just look at the bottom line balan sheet. The Runcorn site has been a foundation of profit and income generation for a great number of years. We will be keeping a very close eye on the situation."

ICI this week dispelled fears and reassured the local workforce.

A spokesman for ICI told the World: "The £2 million raised by the sale of these businesses to Dupont will have no effect on business in Runcorn and the North West region.

"Absolutely nothing will be happening here. Only a small part of the North East will be affected."

ICI chief executive Charles Miller Smith said: "The portfolio of businesses in ICI is now well positioned to develop and deliver sustainable profitable growth over the coming years. There will be further reshaping as we continue to focus on improving the company's financial performance and its return to shareholders.

"DuPont has recognised the inherent quality of the operations that we are divesting; employees will transfer to a company committed to the development of these businesses."

ICI has agreed to sell polyester polymer and intermediates, titanium dioxide and Melinex polyster film business to DuPont.

It comes just two months after ICI announced it was buying Unilever's speciality chemicals businesses for £5 billion as part of a strategy to move to speciality from bulk chemicals.

ICI shares leapt up 49 pence on Monday to 859 pence following this week's multi-million pound sell-off.

Debt

The company has clinched a £1.8 deal with the American giant DuPont to sell off a large slice of its industrial chemicals, mostly in the North East.

Analysts say the move away from bulk chemicals marks one of the most significant shake-ups in ICI's history.

Anxious workers fear the Runcorn site - where more than 3,500 people are employed - could be the next part to be sold off as ICI streamlines towards speciality chemicals.

Union leaders have called for emergency talks - to be held in London on Monday.

ICI GMB regional organiser Glyn Thornton said: "We've called for an urgent meeting at national level. The local workforce is worried.

"The message we will be giving to ICI in no uncertain terms is that they have a debt, not just to their local employees but also to the local community and we expect them to honour that debt.

"This is where the chemical industry started. ICI can't just look at the bottom line balan sheet. The Runcorn site has been a foundation of profit and income generation for a great number of years. We will be keeping a very close eye on the situation."

ICI this week dispelled fears and reassured the local workforce.

A spokesman for ICI told the World: "The £2 million raised by the sale of these businesses to Dupont will have no effect on business in Runcorn and the North West region.

"Absolutely nothing will be happening here. Only a small part of the North East will be affected."

ICI chief executive Charles Miller Smith said: "The portfolio of businesses in ICI is now well positioned to develop and deliver sustainable profitable growth over the coming years. There will be further reshaping as we continue to focus on improving the company's financial performance and its return to shareholders.

"DuPont has recognised the inherent quality of the operations that we are divesting; employees will transfer to a company committed to the development of these businesses."

ICI has agreed to sell polyester polymer and intermediates, titanium dioxide and Melinex polyster film business to DuPont.

It comes just two months after ICI announced it was buying Unilever's speciality chemicals businesses for £5 billion as part of a strategy to move to speciality from bulk chemicals.

ICI shares leapt up 49 pence on Monday to 859 pence following this week's multi-million pound sell-off.

Converted for the new archive on 13 March 2001. Some images and formatting may have been lost in the conversion.