ICI has agreed to sell its shares in engineering consultancy subsidiary, Eutech Engineering Solutions, to technology group ABB.
Completion is expected during the first quarter. Eutech was formed in 1993 to provide specialist engineering services to ICI and external customers. It currently supplies a range of consultancy services in manufacturing operations and engineering, including project implementation and management of major projects to more than 150 customers worldwide.
The business which has its headquarters in Daresbury, Cheshire, UK, had sales last year of £55 million. The proceeds of the transaction, which will be paid in cash and represents less than one per cent of ICI Group net assets, will be used to reduce Group indebtedness.
The business employs 550 people.