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.Reuse content