ICI completes DuPont, AECI deals

05 January 1998 12:12  [Source: ICIS news]

LONDON (CNI)--ICI said Monday it has completed the $117m sale of its 51% share in South African explosives business AECI Explosives Ltd to its joint venture partner, AECI.

The sale is part of the UK group's radical restructuring, as is the disposal of its polyester and titanium dioxide (outside North America) businesses to DuPont.

ICI said in a separate announcement it has now completed the first part of the $3bn sale to DuPont. The polyester polymer and intermediates interests in the UK and US, and ICI's 70% shareholding in its PTA (purified terephthalic acid) joint venture in Taiwan have been transferred to DuPont for $1.4bn in cash and assumed liabilities.

The sale of the polyester film business is expected to be completed "early in 1998." Regulatory approvals are still needed for the sale of the titanium dioxide business, ICI said, but this is expected to be achieved in the first half of 1998.

DuPont will later this year buy a 50% interest in a new PTA company being set up by ICI Pakistan.

ICI has now raised over £3.5bn ($5.74bn) from a rapid series of sell-offs in the six months since it announced it would buy Unilever's speciality chemicals businesses for £4.8bn. The divestments have ranged from the near-£1bn sale of its majority shareholding in ICI Australia to its methylamines and derivatives business, sold to Air Products for £67m.

ICI promised "further substantial disposals during the coming year."

By: Grace Williams
+44 208 652 3214

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