LONDON (CNI)--ICI has completed its £350m ($583m) acquisition of the European home improvement business of Williams plc, it said Tuesday.
ICI said it would add further strong European brand names, including woodcare products under the Cuprinol, Xyladecor and Alabastine brands; Hammerite metal paint and Polyfilla, Molto and Cimsec filling compounds, to ICI's international portfolio of brands.
The acquired business had a turnover of £185m and a trading profit of £34m in 1997. ICI said the purchase price was a price/earnings multiple of 16. It employs about 1250 people and has manufacturing operations in the UK, Austria, Germany, the Netherlands and Italy.
First announced in March, the deal received European Commission approval last week.