Britain's chemical industry is the third largest in Europe. The nation's fourth biggest manufacturing industry, it provides direct employment for 303,000 people. Around a half of its output is exported, making it Britain's greatest single export earner; exports in 1993 were worth ₤17,300 million.
Many major chemical companies in Britain are multinationals; several are subsidiaries of overseas companies and others are specialist manufacturers of pharmaceuticals, such as Glaxo and Wellcome. Imperial Chemical Industries (ICI) is the sixth largest chemical company in the world, with a range of 8,000 products. In 1993 ICI was demerged into two companies to form 'new' ICI, built around industrial chemicals, paints, materials and explosives, and a separate company, Zeneca, comprising ICI's pharmaceuticals, agrochemicals and seeds, and specialities business.
A large proportion of world R & D in agrochemicals is conducted in Britain. Notable British discoveries include diquat and paraquat herbicides, pyrethroid insectisides, systemic fungicides and aphicides, genetically-engineered microbial pesticides and methods of encouraging natural parasites to eradicate common pests.