ICIPaints.com Archive
ICI Completes Sale of Uniqema for 410m GBP
1st September 2006
ICI has completed the sale of its oleochemicals and surfactants business, Uniqema, to Croda International PLC for a gross consideration of 410m GBP, subject to closing balance sheet adjustments.
ICI took the strategic decision in February to divest Uniqema. ICI Chief Executive John McAdam stated at the time that there was no compelling need to divest Uniqema, but if there was scope to realise value from a sale, ICI would have several attractive opportunities to invest the proceeds in other parts of ICI.
Dr McAdam said today: "We are pleased with the outcome of this sale process, and we are confident that we can deploy these resources into other parts of ICI which we believe can generate greater strategic and financial returns for our shareholders."
He added: "I want to thank Uniqema's employees for their outstanding service to ICI over many years and wish them every success."
