THE head of ICI's plants in Darwen has predicted a bright future for the firm following its £505 million takeover.

Ineos, headed by Jim Ratcliffe, a well-known entrepreneur in the chemical industry, bought ICI's Acrylics business in a deal backed by a firm of venture capitalists.

The deal ended months of speculation over the future of the business and its boss today welcomed the move.

"We are delighted to have been bought by a dynamic partnership from the chemical and finance world," said Scott Davidson, chief executive of ICI Acrylics.

And he said the deal would help the acrylics firm expand in the future.

"This is exactly what we need to give use the extra competitive edge. I really looking forward to a new era for our business."

The 2,000 strong workforce in the firm will keep their working conditions and employment terms following the takeover.

Jim Ratcliffe has been involved in a number of European chemical businesses including Inspec which bought in 1992 for £40million and sold in 1994 for £611million.

"This is an excellent business to buy, particularly in terms of its leading market position and its extensive programme of innovation," said Mr Ratcliffe.

"I look forward to seeing it grow and prosper."

As well as employing 300 at two sites in Darwen, ICI Acrylics has 15 manufacturing facilities in nine countries. It makes products used in areas such as bath and sink manufacture under names including Perspex and Lucite.

Around 40 people are also employed by Bibby Distribution on the Walker Park estate in Blackburn where material manufactured in Darwen is processed and delivered to customers around the world.

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