Buyer is found for ICI works

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A BUYER has been found for Clitheroe's ICI Synetix works.

FT 100 company Johnson Matthey plc has agreed to pay ICI 260m. cash for the plant, which produces catalysts for a range of industries.

The sale, which has the backing of the ICI board, is subject to regulatory approval.

If given the green light, Johnson Matthey should be in situ before the end of December.

ICI has been working to sell the plant, which was founded in 1941 and employs a 170-strong workforce, since January, when it announced its intention to "divest" its Synetix business.

Said a spokesman for ICI: "We expect Johnson Matthey to take over before year end.

"As far as we are aware, the existing workforce is safe in that it will transfer to Johnson Matthey and the plant will continue in catalyst production."