CHEMICAL group ICI last night indicated it would keep its Uniqema business if it did not get a better offer.

ICI said earlier this year it was considering a sale of the business, which employs 360 people in Teesside, making ingredients for products such as sun cream.

The company said yesterday that talks over the sale were satisfactory, but warned if it did not get the right price it would keep the Uniqema business and look to make more efficiency savings in it.

A sale would mean ICI would no longer have any manufacturing operations in a region where it once employed 30,000 people.

Yesterday, ICI chairman Peter Ellwood told shareholders at ICI's annual meeting: "In February, we announced our intention to sell this business (Uniqema) provided we could generate more shareholder value by doing so.

"Uniqema's management team and employees have done an excellent job in reducing costs and the business, which operates in a challenging market, is in good shape.

"However, if the sale process currently under way does not lead to a better value proposition for shareholders, we will keep the business and invest in further efficiencies to ensure it remains competitive."

ICI said current trading remained "favourable" thanks to steady growth in its Asian and US markets.