ALLIED COLLOIDS

Early day motion 610, tabled 17 December 1997 by Austin Mitchell (Labour). Signed by 18 members.

That this House, proud of the competitive success of Britain's chemical industry, is concerned at the uncertainties for British jobs, investment and exports implicit in the threat to Allied Colloids, an innovative world class speciality chemicals company employing 1,900 workers in Britain and 1,500 more world wide, posed by the unsolicited and hostile takeover bid from Hercules, a predatory United States chemical conglomerate anxious to diversify; asks the President of the Board of Trade to look closely at all the issues involved to prevent any takeover of a British asset motivated by a desire to boost American profits by exploiting this British leader just at the moment when the benefits from Allied Colloid's long and innovative investment programme come to stream, in order to squeeze more profit from the company by cutting investment and by drastically reducing the workforce, before Allied Colloids and its workers can realise the benefits of their own success; and urges both the company's board and shareholders to stand firm against a bid which both undervalues the company and undermines its contribution to Britain.

Signatures by party: Labour 18.