THE transformation of chemicals giant ICI is almost complete, according to the firm's chairman.

The giant which operates the Synetix site in Clitheroe, has been moving from a high volume bulk chemicals business to a more specialist manufacturer.

The reshaping of the group has included the disposal of its acrylics site in Darwen which is now owned by Ineos.

Chairman Charles Miller Smith made his comments as the firm announced an 84 per cent leap in profits in the first quarter of the year compared with the same period in 1999.

Underlying pre-tax profits £90 million, up £41 million from last year's figure of £49 million for the first three months.

Commenting on the buoyant results, chairman Mr Smith said: "We continue to make good progress in improving the performance of all our businesses and in completing the reshaping of ICI's portfolio."

The transformation of the company, which began in 1997, leaves ICI with a range of more than 50,000 products and sales last year of £8.5 billion.

The group still has 45,000 employees worldwide.