Huntsman buys AECI's 40% stake in their African TiO2 jv
12 April 2002 17:11 [Source: ICIS news]
LONDON (CNI)--UK firm Huntsman Tioxide Plc confirmed on Friday that it is to purchase AECI's 40% stake in their South African titanium dioxide (TiO2) joint venture.
Huntsman Tioxide will pay Rand85m ($7.6m/Euro8.7m) for the stake, which will give it full ownership of the Huntsman Tioxide Southern Africa (HTSA) joint venture. The transaction is expected to be completed by the end of June.
HTSA produces approximately 45 000 tonne/year of TiO2 at Umbogintwini in KwaZulu-Natal. It has been a joint venture between South Africa-based AECI and Huntsman Tioxide, formerly part of ICI, since 1960.
AECI has been restructuring its operations to focus on explosives, specialty chemicals and specialty fibres.
By: Anna Jagger
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