ICI completes explosives sale to Orica

01 May 1998 13:13  [Source: ICIS news]

LONDON (CNI)--ICI said Friday it has completed the sale of its explosives activities in the Americas and Europe to Orica (formerly ICI Australia) for $370m, bringing its disposals since mid-1997 to over £3bn ($5bn).

The sale has enabled ICI to achieve its three-year disposal target of £3bn more than two years ahead of schedule. It set the target to help offset the debt it acquired after buying Unilever's speciality chemicals business for £4.9bn, and as part of its restructuring towards higher added value products.

Completions of further disposals of non-core assets are expected by the end of the year. They include the sale of ICI's titanium oxide business excluding North America to DuPont for $750m and the sale of the speciality chemicals company Crosfield to WR Grace of the US for $445m. Crosfield is one of the four speciality chemicals businesses ICI bought from Unilever last year.

Orica already owns ICI's former explosives business in the Asia Pacific region, as part of its separation from ICI last year. ICI completed the sale of its explosives interests in Africa to the South African group AECI at the beginning of this year.

By: Anna Williams
+44 208 652 3214

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