CHEMICALS group ICI has revealed that its massive restructuring plans have begun to pay off, with a 17 per cent jump in full-year profits and a reduction in its debts.
Strong performances by the group, which owns the Synetix site in Clitheroe, helped push profits before tax to £376million by the end of 1999, up from £321million in 1998. Another round of sell-offs of ICI's businesses also slashed the group's debts to £2.3billion from £4.2billion.
ICI has sold more than £6billion worth of businesses, including its Darwen-based acrylics operations late last year, since May 1997 when it said it would transform itself into a speciality products and paints business.
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