ICI sells utilities arm for pounds 300m

ICI YESTERDAY said it had agreed to sell its utilities and services operation in Teesside to Enron, the US energy group, for pounds 300m.

The sale, part of ICI's strategy of focusing on speciality products, coatings and materials, includes The Wilton power station, a water treatment plant, pipelines, rail tracks and1760 acres of land.

The Teesside operation employs 560 people who will transfer to Enron. It produced profits of pounds 35m this year on sales of pounds 150m. ICI will record a net gain of pounds 120m from the disposal.