DERRY lost out on a $120 million (£75 million) development by industrial giants Du Pont following the company's decision to locate its new European agri-chemical plant at Asturias in Spain, writes George Jackson.

Work on the development is due to start in 1998 and the completion date is expected to be mid-2005. When fully operational the plant will employ 150 people directly and indirectly.

The unit will manufacturer a new range of crop protection products and serve the global market place with focus on the European region where Du Pont is experiencing continuing growth in its agricultural business.

Du Pont's Maydown plant on the outskirts of Derry was one of a number of European locations considered for the investment.

"Maydown is and remains an excellent site and a strong competitor for future investment," said Mr Jerald A Blumberg, Du Pont's executive vice-president.

"Although it was not selected for this particular project, it should be noted that the UK holds a strong position in Du Pont's European investment base," said Mr Blumberg.