News in brief

Invensys sells Nylex

Invensys, formed from the merger of BTR and Siebe, is to sell its 52% stake in polymer manufacturer Nylex Malaysia for £29m as part of its move towards becoming an electronics engineering company. It has spent £19m on a 49% stake in PolyStor, a US manufacturer of lithium-ion batteries.

Power disposals

PowerGen has agreed to sell its 2,000MW Fiddler’s Ferry and Ferrybridge coal-fired power stations to Mission Energy of the US for £1.3bn. Their sale was a condition of PowerGen being allowed to buy East Midland Electricity.

Oil OK for Y2k

All the UK’s oil and gas companies are on course to eliminate the risk of the millennium bug causing significant disruption by the end of the summer, the DTI reported last week.

Controls tie-up

Horsham-based Silvertech International and US-based Dresser-Rand have teamed up to offer comprehensive worldwide control and safety systems for plants with rotating equipment, in new-build and retrofit applications.

Competitive threat

Despite the possibility of heavy fines, most businesses are ignorant of the new Competition Act, says the Office of Fair Trading. The Act, due to come into effect next March, gives the OFT powers to enter premises and impose fines of up to 10% of turnover on firms deemed to be acting in an anti-competitive way.

China contract

Rolls-Royce has signed a six-year manufacturing agreement worth $20m (£12.3m) with two Chinese companies, under which they will manufacture high-tech components for Rolls-Royce aeroengines, including the Trent.