Orica buys ICI's stake in Emirates Explosives
28 October 1998 12:29 [Source: ICIS news]
LONDON (CNI)--Australian chemicals company Orica has bought a 49% stake in Emirates Explosives LLC from it's former parent company ICI, an ICI spokesman confirmed Wednesday.
The Dubai-based explosives company provides explosives for the quarrying and construction markets and has annual sales of around $4m, he added. The remaining 51% stake is held by the ruler of Dubai.
Terms of the deal were not disclosed.
Orica, formerly ICI Australia, had previously said its strategy was to focus on four areas: consumer products, explosives, fertilisers and agricultural chemicals, and selected chemicals comprising its chlorine and derivatives business.
By: Orla Ryan
+44 208 652 3214
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