Henkel closes ICI National Starch acquisitions

03 April 2008 14:43  [Source: ICIS news]

LONDON (ICIS news)--Henkel has completed the acquisition of ICI's former National Starch adhesives and electronics materials businesses for £2.7bn ($5.4bn/€3.4bn), the German company said on Thursday.

 

Henkel agreed to buy the businesses when the Netherlands' Akzo Nobel struck an £8bn deal to buy UK coatings and specialty chemicals firm ICI in 2007.

 

Henkel said it expects synergies from the acquisition to be worth €240m-260m a year until 2011.

 

“This acquisition represents a milestone in our 130-plus-year corporate history and points Henkel clearly in the direction of further profitable growth,” said Henkel board chairman Ulrich Lehner.

 

The new businesses double Henkel’s market share for adhesives in Asia Pacific region, while the region’s share in group sales will increase to 12% from 8%, said the company.

 

Henkel plans to sell part or all of its 29.4% stake in US hospital cleaning company Ecolab to help pay for the deal.

 

($1 = €0.64/$1 = £0.50)

 

By: Mark Watts
+44 20 8652 3214

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